Elon Musk, CEO of Tesla, has made a pledge to his company’s shareholders regarding the acquisition of Twitter. On Tuesday night, Musk tweeted his intention to “make sure Tesla shareholders profit from Twitter long-term.” His remark was in response to a user on Twitter who argued that Musk’s recent takeover of Twitter “elevates Tesla’s brand reach and marketing.”
I will make sure Tesla shareholders benefit from Twitter long-term
— Elon Musk (@elonmusk) December 13, 2022
Months after he and the social media giant began their legal struggle, which resulted in a Delaware judge assigning them a deadline for concluding the sale, the billionaire finally finished paying for Twitter in late October (for a total of $44 billion). Since gaining control of Twitter, Musk has eliminated half of the company’s jobs, introduced a verification badge that users can pay for, and discontinued enforcement of the platform’s COVID-19 deceptive misinformation policy.
Despite recent reductions, Tesla shareholders were assured that they would ultimately benefit from Twitter. On Wednesday, shares of the electric vehicle manufacturer dropped by almost 2%, bringing their year-to-date decline to about 60%.
Some of Tesla’s major investors have reportedly been anxious about how much time Musk spends on Twitter in light of the company’s recent stock performance. In court last month, Tesla‘s CEO was quoted as saying, “over time,” he plans to “find someone else to handle” Twitter. This is according to a report in The Wall Street Journal.
Reports say that after purchasing Twitter, he has devoted much of his time to it, though he has voiced hopes that this will improve. In addition to being SpaceX‘s CEO, he also started OpenAI, Neuralink, and The Boring Company.
Chief Executive Officer Elon Musk has promised Tesla investors that the firm will not purchase Twitter. In a tweet posted Tuesday evening, Musk stated his goal of maximizing long-term value for Tesla shareholders using Twitter.
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