Elon Musk asks: ‘If I’m so smart, why did I pay so much for Twitter?’

When you’re worth $229 billion, maybe it’s not so hard to joke about dropping $44 billion on a takeover.

That’s what Elon Musk did on Friday at a conference in Paris, quipping: “If I’m so smart, why did I pay so much for Twitter then?”

While admitting the deal was “expensive,” he said he decided to buy the social media network because he was a big tweeter – and was worried about it “moving in a negative direction”.

“I was concerned Twitter was having a negative affect on civilization and corrosive affect on civil society, and anything that undermines civilization, I think, isn’t good,” he told the VivaTech conference.

Elon Musk asks: ‘If I’m so smart, why did I pay so much for Twitter?’

“I felt Twitter kept moving in a negative direction and my hope and aspiration was for it to be a positive force for civilization.”

The world’s richest person, presumably referring to their ownership or influence over Twitter since late October, believes that significant improvements have been made to the platform. They assert that efforts have been made to “clean up” Twitter, implying a reduction in negative content or problematic elements.

This statement indicates their perception that actions taken under their control have positively impacted the platform, potentially aligning with their vision of making Twitter a more positive and constructive force for society.

Elon Musk, the world’s richest person, he believes that the experience of regular Twitter users has improved under his control. Musk claims that significant progress has been made in cleaning up the platform, citing the removal of 90% of bots, scams, and other negative elements.

Additionally, he states that 95% of child exploitation material has been eliminated, which was a shocking revelation to him, as it had apparently been present on Twitter for a decade. These remarks highlight Musk’s assertion that steps have been taken to address and mitigate harmful content on the platform.

According to Bloomberg, Elon Musk, the world’s richest person, had a lunch meeting with Bernard Arnault, the world’s second-richest person and CEO of LVMH, at the Cheval Blanc Hotel owned by LVMH.

However, no details about the conversation or topics discussed during their meeting have been disclosed or made public. The nature of their discussion remains unknown, leaving it open to speculation.

During a conference, Bernard Arnault’s son, Antoine Arnault, reportedly asked Elon Musk some questions on stage. One of the questions included a playful remark about Tesla’s market value surpassing that of LVMH, asking how much longer Musk would continue to make LVMH “look so bad.”

At the time, Tesla’s market value was around $818 billion, significantly higher than LVMH’s $476 billion. The question seems to reflect the lighthearted banter between the two individuals regarding their respective companies’ market performance.

Elon Musk’s response to Antoine Arnault’s question highlighted his perspective on valuations and the influence of his own statements. Musk mentioned that he had previously expressed that Tesla’s stock price was too high, only to see it rise afterward, implying the unpredictable nature of valuations.

He humorously acknowledged that when he tweeted about the stock price being too high, it often resulted in an upward movement. Musk then attributed the value of Tesla primarily to the potential of its autonomous driving technology, emphasizing the significance of autonomy in determining the company’s worth.

Indeed, Tesla’s stock value experienced significant fluctuations throughout the year 2021. It reached its peak at a value slightly above $1.2 trillion. However, in the course of this year, Tesla’s stock has had a volatile journey, with prices dropping as low as $113 at one point.

As of the mentioned Friday, the stock was trading at $261 per share. These figures highlight the dynamic nature of Tesla’s stock market performance, indicating the substantial changes in investor sentiment and market conditions that have influenced its value.

Read More:-

Information Source: businessinsider

1 thought on “Elon Musk asks: ‘If I’m so smart, why did I pay so much for Twitter?’”

Leave a Comment