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7th March, 2023

Elon Musk's Reasons for Buying Twitter

Elon Musk, the billionaire entrepreneur and founder of Tesla and SpaceX, has bought $US25 million ($33.8 million) worth of Twitter shares, according to a filing with the US Securities and Exchange Commission.

The filing says Mr Musk bought the shares on Tuesday. It does not say why he bought them.

Mr Musk is an active user of Twitter, with more than 22 million followers. He often uses the social media platform to promote his businesses and products.

Tesla did not immediately respond to a request for comment.

Twitter has been struggling to grow its user base and revenue in recent years, and its shares have fallen sharply. The company is due to report its fourth-quarter earnings on February 8.

In November, Mr Musk tweeted that he had "deleted" his Twitter account, but he quickly reactivated it.

In December, he tweeted that he was "considering" taking Tesla private at $420 a share, and said he had "secured" funding for the deal. The tweet sent Tesla's stock price soaring, but the deal never materialised.

Mr Musk has also been criticised for using Twitter to make unsubstantiated claims about Tesla's production numbers and sales.

In October, he was sued by the US Securities and Exchange Commission for making "false and misleading" statements on Twitter about Tesla's production numbers. The suit is still pending.

Twitter has been a key platform for Mr Musk's businesses and he has used it to announce some of his most significant news in recent years.

In 2015, he announced that Tesla would build its "gigafactory" in Nevada. And in 2016, he revealed that SpaceX would send a spacecraft to Mars in 2018.

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