Breakingviews - Musk fully cashes in on Twitter hype

  • 📰 Breakingviews
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Twitter hasn’t wasted time. After Tesla Chief Executive Elon Musk disclosed a 9% stake in the roughly $41 billion social media company on Monday, the firm appointed him to its board of directors. That’s defensible, as Musk has a solid record in running technology companies, and with over 80 million followers, it’s an insurance policy he won’t start his own platform. But Twitter’s value is up $10 billion since his stake was disclosed. His presence doesn’t validate such a big jump.

corporate information, it’s hard to find large firms that aren’t aware of, and officially have been on, Twitter for years. Musk doesn’t have a history in Twitter’s other business, advertising.

Plus to justify the roughly 30% jump in valuation, Musk would have to bring some 65 million new followers onto the platform. That’s more than Twitter has following its own official account. Already at 6 times, Twitter's enterprise value-to-estimated sales is nearly 40% more than Facebook parent Meta Platforms

according to Refinitiv. Musk has brought Twitter hype. But in less than 48 hours, he’s fully cashed in on it.- On April 4, Twitter appointed Elon Musk to the company’s board of directors. A Securities and Exchange filing earlier in the day said Musk, chief executive of Tesla, had acquired a 9.2% stake in the social network. The holding, through a personal trust, made him the social media company’s largest shareholder.- Musk has previously criticized Twitter on its own platform.

- Musk last month asked a federal judge to set aside a 2018 agreement with the SEC requiring that Tesla lawyers approve tweets and other public statements that could be material to the electric-car company which Musk is the CEO.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Breakingviews rob_cyran We drive giant SUVs, watch a lot of football and lionize guys like Elon Musk. The 60s, RIP.

Breakingviews rob_cyran Twitter investors should take a long hard look at how many people see Musk for who he really is.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 470. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Breakingviews - Musk turns SEC into super-TwitterUnlike Twitter , Edgar isn't a household name. But occasionally the latter - the Securities and Exchange Commission's public filing database - can be a more powerful platform. Tesla boss Elon Musk disclosed in a filing on Monday that he has acquired a 9.2% stake in Twitter . That sent the company's shares up more than 20%, adding $7 billion-plus to its market capitalization. It's the ultimate attention-grabbing post. Reuters JMAGuilford Hooray, the good guys have just entered the ring. 👊 JMAGuilford It’s grabbed my attention alright. Reuters JMAGuilford Can I just say I do not trust him!!
Source: Breakingviews - 🏆 470. / 51 Read more »

Elon Musk takes 9.2% stake in Twitter, sending share prices soaringTesla CEO Elon Musk acquired a 9% stake in Twitter to become its largest shareholder, just before raising questions about the social media platform’s dedication to free speech and the First Amendment. 👀 xMorningCalmx
Source: adndotcom - 🏆 293. / 63 Read more »

Elon Musk buys 9.2% stake in Twitter, making him the largest shareholderElon Musk recently purchased 9.2% of Twitter stock, according to a filing, making him the largest shareholder in the company. News of the purchase sent shares of Twitter soaring in early trading. This is good news. mr. musk will put more speed on twitter! messages should be displayed immediately so promptly!
Source: CNN - 🏆 4. / 95 Read more »