If Mr. Musk is pushing for change on Twitter, he wouldn’t be the first restless investor the company has faced in recent years. Activist firm Elliott Management took a stance on Twitter and called for Mr Dorsey to step down in 2020. It then struck a deal with Twitter that included a $1 billion investment from private equity firm Silver Lake and recruited new board members, including Silver Lake. co-managing director, Egon Durban. Silver Lake has teamed up with Mr. Musk in his effort to take Tesla private
The list of Mr. Musk’s other business ventures is long: Beyond Tesla, he is chief executive of rocket company SpaceX and founder of The Boring Company, a tunneling services company. Adding another role to the list could irritate Tesla shareholders. In the last two months of last year, Mr. Musk sold about $16 billion worth of Tesla stock, or about 10% of his stake in the electric vehicle company.
Tesla has defied supply chain issues that have strained most traditional automakers, adding to Mr. Musk’s wealth and influence in the tech and auto industries. Tesla nearly doubled its sales last year, approaching one million vehicles sold. On Saturday, Tesla said it sold 310,000 cars in the first three months of 2022, a 70% increase from the same period a year earlier – gains that contrast with the sharp declines reported last week by General Motors and Toyota Motors.
Tesla’s ever-expanding production network, including new factories in Austin, Texas, and near Berlin, positions the company to rival automakers like BMW and Mercedes-Benz in the number of vehicles sold. Despite a slew of new battery-powered models from Ford Motor, Kia and others, Tesla continues to dominate the electric car market, the industry’s fastest-growing segment.
Yet executives who have juggled media projects and other private ventures have sometimes found themselves in the crosshairs of policymakers. Former President Donald J. Trump, for example, had a low opinion of Amazon because he disagreed with coverage of The Washington Post, which Jeff Bezos bought in 2013. Tesla is a big beneficiary environmental credits, while SpaceX is seeking government contracts.
Regardless of the potential pullback, Mr. Musk could profit from the investment. The document detailing Mr Musk’s stake said it was worth around $3 billion at Friday’s closing price. It’s dated March 14, and Twitter shares have risen around 50% since then.
Jack Ewing and Pierre Eavis contributed report.