Elon Musk buys large stakes on Twitter

Mr. If Musk proposes change on Twitter, he will not be the first rebellious investor the company will have to fight in recent years. Activist company Elliott Management took a stand on Twitter and in 2020 Mr. Called for the removal of Dorsey. It then struck a deal with Twitter, which brought in $ 1 billion in investment from private equity firm Silver Lake and new board members, including Silver Lake. Co-CEO, Akon Durban. Mr. Silver Lake. Teamed up with Musk In his attempts to take Tesla personally

Mr. Musk’s list of other business ventures is long: beyond Tesla, he is the CEO of rocket company SpaceX and the founder of The Boring Company, a tunnel construction service company. Adding another share to the list could annoy Tesla shareholders. In the last two months of last year, Mr. Musk sold about $ 16 billion worth of Tesla shares, equivalent to about 10 percent of his stake in the electric vehicle company.

Tesla surpassed it Supply chain problems This has plagued most traditional car makers, Mr. Muskin added wealth and his influence in the technology and automotive industries. Tesla doubled sales last year, selling one million vehicles. Tesla said on Saturday 310,000 sold Cars in the first three months of 2022, up 70 percent from the previous year – gains compared to the steep declines announced by General Motors and Toyota Motor last week.

Tesla’s manufacturing network is gradually expanding, including new factories in Austin, Texas and nearby. Berlin, Puts the company in competition with car makers such as BMW and Mercedes-Benz in the number of vehicles sold. Despite the line-up of new battery-powered models from Ford Motor, Kia and others, Tesla continues to dominate the market for electric cars, making it the fastest growing segment of the industry.

See also  Trump-backed Jedi Vance will win the Ohio GOP Senate primary, CNN projects

However, executives who have deceived media programs with other private initiatives have sometimes found themselves in the crosshairs of policymakers. For example, former President Donald J. Trump took a dim view, as Amazon disagreed Coverage in The Washington PostAcquired by Jeff Bezos in 2013. Tesla is a major beneficiary of environmental credits, while SpaceX adheres to government agreements.

Regardless of the possible pushback, Mr. Musk can reap the benefits from the investment. Mr. The document describing Musk’s shares said it was worth about $ 3 billion at its final price on Friday. It’s dated March 14, after which Twitter’s shares have risen about 50 percent.

Jack Ewing And Peter Evis Contributed report.

Leave a Reply

Your email address will not be published.