Musk’s friends warned him not to buy Twitter
Axios taught him that many of Elon Musk’s friends privately advised him not to get on Twitter, once they realized he wasn’t joking.
why does it matter: Musk did not take the advice. He is now trying to back off his $44 billion deal, with a trial scheduled for next month in Delaware.
- Some sources close to Musk say they do not doubt or agree with his sincerity about removing content restrictions on the platform. They also believe it has the potential to improve Twitter products.
- But they worry that he has underestimated the headache that is unique to Twitter, and how that might distract from efforts at SpaceX and Tesla that they believe are more important to him.
Close to other musk I first learned about Musk’s offer through his tweets. LinkedIn co-founder Reid Hoffman, part of the so-called “PayPal Mafia” with Musk, spoke to Axios on his new season of “How It Happened.” The podcast series explores the collision between the world’s richest man and one of the most influential social media platforms:
- “I think I had the reaction most people had, it was like, ‘Oh my God, another big problem,'” Hoffman told Axios in an exclusive interview. He’s already dealing with a large number.”
- He added that his venture capital firm, Greylock, rejected Musk’s offer to invest along with Twitter, although he remains confident in his friend’s entrepreneurial prowess. “You were one of the people who thought you couldn’t do both Tesla and SpaceX and you were obviously wrong… Elon was right that Twitter needs to innovate.”
- It’s also worth noting that other venture capital firms have agreed to invest alongside Musk. This includes Sequoia Capital, where PayPal alum Roelof Botha is a longtime partner.
🎧 deepen: Episode 1 of How It Happened: Elon Musk vs. Twitter
This story was contributed by Javier E. David, Managing Editor of Axios Business and Markets, Senior Producer Naomi Chavin and How It Happened, and Reporter and Producer Amy Pedolla.