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Elon Musk’s Twitter purchase is ‘good for America.’

Putting aside his occasionally fractious relationship with Tesla’s billionaire CEO, “Big Short” investor Michael Burry hailed Elon Musk’s purchase of a sizable stake in Twitter as a net positive for the US.

Burry rose to national prominence after the 2015 film depicted his bet against the subprime mortgage crisis.

The hedge fund manager tweeted his support for the deal alongside a Boston Herald editorial, implying that Musk’s investment was a victory for free speech.

The Washington Post and the New York Times were chastised in the editorial for initially dismissing The Post’s report on Hunter Biden’s laptop ahead of the 2020 election, only to admit the laptop was genuine 18 months later.

“Of course, @ElonMusk purchasing enough shares to control Twitter would be beneficial to America.” “Plain and simple,” Burry said in the now-deleted tweet.

Burry deletes old tweets on a regular basis and occasionally deactivates his entire Twitter account. His firm, Scion Capital Management, did not respond immediately to a request for additional comment.

Musk revealed his 9 percent stake in Twitter this week, after previously criticizing the social media platform’s content moderation policies. The Tesla CEO already has a board seat and has promised to collaborate with Twitter CEO Parag Agrawal to “significantly improve” the company.

Purchase restriction

Musk paid nearly $2.9 billion for 73.5 million shares of Twitter stock. Musk’s term as a director on Twitter’s board runs through 2024, and he is prohibited from acquiring more than 14.9 percent of the company.

Meanwhile, the company’s revenue was $5.08 billion at the end of last year, up 37% from the previous year. The number of daily users increased by 13% to approximately 217 million.

“Musk, who clearly enjoys the platform with his sometimes controversial and always entertaining tweets, brings an air of excitement to the company,” said Futurum Research analyst Daniel Newman, a digital technology advisory firm. “As investors bet on his contributions to the company’s next wave of growth, his larger role in the company could pave the way for more user growth and a likely better-than-average market performance.”

Despite having had disagreements with Musk in the past, Burry praised his investment. Scion Asset Management initiated a short position in Tesla in late 2020 and increased its bet against the company last year, with Burry tweeting at one point that the company’s valuation was “ridiculous.”

Elon Musk
Elon Musk has also been appointed to Twitter’s board of directors.
Burry revealed in October 2021 that he no longer held a short position in Tesla. A month later, he reappeared with another jab at Musk, alleging that the billionaire was selling Tesla stock late last year to cash out as the company’s stock plummeted.”Let’s be honest. @elonmusk borrowed against his 88.3 million shares, sold all of his mansions, relocated to Texas, and is now asking @BernieSanders if he should sell more stock. He doesn’t require money. “All he wants to do is sell $TSLA,” Burry said at the time.

Musk reacted angrily to Burry’s remarks, calling him a “broken clock.”

a “broken clock.”

About the author

Akanksha Jain

Akanksha Jain love to learn new stuff every day. With a background in computer science and a passion for writing, she loves writing for Startup, Business sections of Editorials99.

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