Tesla boss Elon Musk disclosed in a filing on Monday that he has acquired a 9.2% stake in Twitter. It’s the ultimate attention-grabbing post, writes JMAGuilford:
. 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.
As a measure of engagement, it’s hard to think of many posts on Twitter’s own platform that do better. One rare example might be Musk’s 2018 tweets that he was preparingThose posts sent the electric-car maker’s shares soaring. The SEC was unamused, forcing Musk to agree to let Tesla lawyers screen his posts.
Both the regulator and Twitter have come in for Musk’s ire. Musk has claimed the SEC is unfairly persecuting him. And he has tweeted about possibly creating an alternative to Twitter. Attacking how platform owners police content and threatening to move to a breakaway venue is a hallowed tradition – perhaps especially among popular posters like Musk, who has 80 million followers. He has elevated the practice by spending billions of dollars on Twitter shares.
Twitter is used to being entangled with critics. Silver Lake’s Egon Durban sits on its board after Twitter signed an agreement with the private equity firm and activist Elliott Management. Musk may stick around, tweeting as he goes along. When it comes to airing his opinions about Twitter itself, though, the SEC's Edgar platform may have an edge.
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