I Spent So Much Money For Nothing To Buy Twitter: Elon Musk Elon Musk has admitted that he paid unnecessarily high amounts for the purchase of Twitter (now X). In a podcast with Joe Rogan, Musk said the purchase was a very expensive and risky decision.
According to Musk, he bought Twitter because he was afraid of risk. “Even though I didn’t have to buy Twitter, I took this step because I was afraid of taking risks. It was a crazy decision, and from a financial standpoint, it was very expensive,” Musk said.
Before Musk bought Twitter, the company was a public company. Because of that, the company had to follow American policies. The government should have obeyed the order of those whose accounts were banned. Former US President Donald Trump was also killed in this attack.
Musk used to rant on Twitter and the stock market was in turmoil due to his tweets. Therefore, the risk of banning his account was high. To avoid this and to subjugate mainstream social networks for freedom of expression, Musk bought Twitter.
But neither his strategy was good for the investors, nor the company could earn good income. Advertisers started boycotting the platform saying that Twitter was not like Twitter.
Musk bought Twitter in 2022 for $44 billion. At the time, Twitter was valued at $8.8 billion by analysts. Musk is said to have bought the platform at a 400 per cent premium.
