How the World’s Richest Person Bought Twitter: Elon Musk’s lawsuit against Twitter has triggered a legal battle between the two companies. Musk’s legal team is claiming that Twitter failed to provide Musk with information about the problem with spam bots. Musk is entitled to this information. But Twitter is actively trying to prevent Musk from receiving it.
Elon Musk may have been trying to avoid buying Twitter, but he ended up spending billions of dollars. And the downturn in the stock market meant that he was paying tens of billions of dollars more than the sticker price. But in recent weeks, Musk seems to be settling into the role of owner of the company with hundreds of millions of users.
Originally tweeted by Elon Musk (@elonmusk) on October 26, 2022.
When Musk decided to buy Twitter, he was backed by many friends in the tech world and wealthy Middle Eastern royalty. Saudi Prince Alwaleed bin Talal invested $1.89 billion in the company and is now its second-largest shareholder. Another notable investor was the cryptocurrency exchange Binance.
Elon Musk is the world’s richest man. After his purchase, he immediately went to work cleaning up the company. His first step was to fire three senior executives. This pushed Twitter to take action. During the lawsuit, Twitter forced Musk to honor the deal. Then, he offered to buy Twitter again a few weeks before the trial.
Musk also changed his Twitter avatar. He went from being a “Commander in Chief” to “Chief Twit.” He also reportedly plans to take the company private, which could lead to the layoff of thousands of employees. The world’s richest person aims to make a major impact with Twitter.
Elon Musk has become the richest person in the world after building multiple successful ventures. He also founded Zip2 and PayPal and sold them for billions of dollars. Then, he joined forces with controversial businessman Peter Thiel. He was paid between $170 million for Zip2 and $22 billion.
It is important to understand why Elon Musk bought Twitter. Having a public company would have been beneficial for Twitter. Most people, however, aren’t maximalists. Nonetheless, the CEO of Tesla has stated that his company is “recession-proof”.
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