Earlier than deciding to purchase Twitter, Elon Musk considered beginning a competing social media firm, in response to a new SEC filing.
On the finish of March, Musk made preliminary contact with Twitter after accumulating a greater than 9% stake within the firm that, for a time, made him the corporate’s largest shareholder. On March 31, he instructed Twitter CEO Parag Agrawal and Chairman Bret Taylor he was mulling over what to do with the shareholding and his curiosity in social media and Twitter, together with launching his personal social app, in response to the newly filed proxy assertion.
It could’ve put him on the identical path as President Trump, who launched his Reality Social app in February with lackluster outcomes. As a substitute, Musk went a distinct route and in April proposed and later received board approval for a $54.20-a-share buyout of Twitter. He has since stated the deal might not occur over considerations about spam and the amount on faux accounts on web.