Musk Tweet đź’¬

Musk Tweet

Last week, we talked about how Elon Musk was planning to create his own social media platform to compete with Twitter. Twitter has been Musk’s friend for the past decade, with him doing wild stuff on there in the past few years. He’s sent asset values up and down numerous times, and he’s asked his followers for financial advice through the poll feature on Twitter. It’s hard to find the reason as to why Musk is trying to compete with Twitter, but many cite free speech concerns as the reason.

Instead of using Twitter for investing advice, Musk has now gone ahead and invested in the platform itself. On Monday, Musk disclosed a 9 percent stake in Twitter, making him the largest shareholder of the company. His shares are valued at almost $3 billion, beating out institutions and Jack Dorsey himself. This sent the share price of Twitter up 27%, which is its single highest gaining day, but there’s more to it. A stake this large could signal an activist move in the favor of Musk, which would allow him to address the criticisms he has towards the company to the board. Additionally, this purchase was made before Musk posted the poll we discussed last week about Twitter’s free speech policy, which means that he could be using the results of that to push his agenda. This caught everyone by surprise, and it even managed to lift Tesla stock to a very solid finish even though they reported disappointing deliveries over the weekend.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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