Top Line

Friends of Elon Musk, the World’s Richest Man, Once Tried to Convince Him Not to Buy Twitter After They Realized He Was Serious About an Acquisition, Say Sources Told Axios, as Musk tries to exit his $44 billion social media company in the world’s most high-profile product returns.

Key Facts

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Reid Hoffman, a billionaire friend of Elon Musk who was an early PayPal employee with Musk and later co-founded LinkedIn, Told Axios responded to the Twitter deal with, “Oh my god, another big problem” on Axios. How did this happen podcast.

Others close to Musk told Axios that they were concerned about how the acquisition would distract from their focus on SpaceX and Tesla, both of which Musk steps forward as CEO.

Hoffman told Axios that his venture firm Greylock Partners declined to participate in Twitter’s funding, but expressed optimism about Musk’s ability to lead on Twitter, through his “ability to challenge death”. Citing the ability to achieve where you think, ‘Oh my god, this is not going to work,’ and just keep going.”

main background

Musk revealed on April 4 that he had bought a 9.2% stake in Twitter, which announced later that month that it had accepted Musk's $44 billion unsolicited offer to buy the company. Musk is one of the platform's most popular and polarizing users and a sharp critic of Twitter's content moderation policies. The lust between the unlikely couple proved short-lived, as Musk attempted to withdraw from the purchase agreement in July, while Twitter sued Musk a few days later to push the deal forward. Musk and Twitter will face off in a five-day trial in Delaware next month.

forbes evaluation

We estimate Musk to be worth $270.4 billion, which is about $120 billion more than the next largest. Hoffman is worth a comparable $1.9 billion and has served on Microsoft's board since the company acquired LinkedIn in 2016.

Elon Musk vs Twitter (axial)

Twitter shareholders formally accepted Musk's $44 billion offer from which he is trying his best to pull out (Forbes,