In this meeting, Musk specifically mentioned that some of his goals included allowing users of Twitter to tweet “pretty outrageous things,” but the platform does not have to promote, or give the tweets any reach.
He also addressed concerns about how “The company needs to get healthy. Right now, costs exceed revenue. That’s not a great situation.”
Musk, the CEO of electric vehicle Tesla ($TSLA, NASDAQ) and space exploration company SpaceX, was approved by the Twitter board to purchase Twitter in a blockbuster deal on April 25. It has not been smooth sailing since then, however, as Musk has threatened to pull out of the deal multiple times over his concerns about the company’s platform, specifically the number of bots/non-humans on the site.
This meeting occurred on the same day that Musk, Tesla, and SpaceX were sued for an alleged Dogecoin ($DOGE) pyramid scheme (you can read about that here).
Price Action: At the time of publication, shares of Twitter were trading at $37.42, down 1.50% on the day.
Tesla’s stock price was at $635.51, down 9.17% on the day.