![]() ![]() (The SEC also reportedly is investigating Musk’s tardy disclosure of taking a big stake in Twitter.) Musk did not admit wrongdoing, and has grumbled about the SEC ever since. In 2018, the Securities and Exchange Commission fined him $20 million to settle the government’s claim that he misled investors by tweeting that he had the funding to turn Tesla into a private company. He never gave up the dream of building a global payments platform and has been vocal about his aspirations for Twitter/X. Musk backed out of his 44 billion deal to buy Twitter, saying he was misled on the number of fake accounts. In 2000, Musk had become CEO after the merger of his X.com and Confinity, the venture-backed company co-founded by Peter Thiel that owned the PayPal program that was a more popular money-transfer service than. And now I gotta hire a lawyer to go quash this thing,' the former PayPal executive said. But the share price has lost 30 percent of its value since April 4, when Musk revealed his first moves toward acquiring Twitter and began selling off Tesla shares to help fund the purchase.) Elon Musk yearned for a technological overhaul of the company that ran PayPal, and he wanted that change to start with the letter X - even if some thought it reminded them of pornography. (Meanwhile, Tesla, the cornerstone of Musk’s vast fortune, rose slightly on Friday. Two hours later, Musk tweeted four words: “Still committed to acquisition.”ĭid his predawn tweet indicate he was looking for a way out of the deal? Or was he simply seeking to drive down the purchase price? Twitter stock futures fell sharply after his doubtful tweet prices jumped after his reassuring one, but closed down Friday almost 10 percent. (Musk has made getting rid of fake accounts a centerpiece of his takeover bid.) David Sacks is part of the so called PayPal mafia, alongside Musk Steve Jennings/Getty Images for. ![]() But it carries a legacy of intangible problems - misinformation, censorship, harassment, some starring Musk himself - far from the concrete realm of rockets and engines.Įarly Friday, amid doubts that he could muster the cash, he tweeted that the $44 billion deal was “temporarily on hold.” The tweet said he was seeking “details” to support Twitter’s claims that fake accounts known as bots make up less than 5 percent of users. Hoffman is a longtime friend of Musk and a member of the so-called PayPal Mafia the group of entrepreneurs that helped Musk on his first business venture and later went on to found some. Musk and Sacks helped to build PayPal together, with Sacks being the COO and product lead. He has cast Twitter as a “de facto public town square,” essential to a functioning democracy. As was true at the start of each of his primary ventures over the past quarter century, he has been at once bold, brash and somewhat blurry about his purpose. Now Musk is pivoting once more, taking on one of the most prominent and problematic symbols of the Internet age, Twitter. His next ventures - SpaceX, Tesla, SolarCity, Neuralink - finally propelled Musk toward the goal he’d set when he was 14 to be at the cutting edge of making human life “exciting and inspiring.” ![]()
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