Elon Musk’s friends warned him not to buy Twitter

“Another huge problem is coming”Reid Hoffman thought when his friend, the tycoon Elon Musktold him that he was going to buy Twitter. Almost like a prediction of the future, Hoffman lThe CEO of Tesla was warned about the risks of buying a social network, and told him not to do it. Several friends did the same, but they were not listened to. Few months later, Musk repented and sought to recantwithout success, and now he waits for the Justice to decide if the agreement of 44,000 million dollars is carried out.

At first, Elon Musk’s best friends they thought the idea of ​​buying Twitter was a joke. In fact, the tycoon had already joked about it in the past, when in a tweet he asked how much his social network was worth. After all, the eccentric way of the billionaire always included some ramblings that did not go beyond, and this idea seemed to be more than that.

However, the tycoon insisted on the subject, and there came a time when his friends realized that he was not joking. “I think I had the reaction of most people. It was like: ‘My God, another huge problem is coming. He’s already dealing with a lot of those'”Hoffman recalled, part of the so-called “PayPal Mafia” where Musk was, to Axios.

Other friends also tried to warn him not to do it. Why? To much they worried that he underestimated the headaches that came with buying Twitter – the agreement was not made and there are already many – and how that could distract from the efforts of SpaceX and Tesla, which everyone believed were more important to him.

The Elon Musk’s offer was $44 billion. that is, $54.20 per share. Twitter titles were never worth that, but instead peaked at $50 and now hovers around $40. To finance the purchase, Musk obtained loans and external contributions, and also he asked Hoffman if he was interested in participating.

His venture capital firm, Greylock, turned down Musk’s offer to invest together. However, the CEO of Tesla managed to convince him of the importance of staying with the social network. “I was one of the people who thought you couldn’t do both Tesla and SpaceX and clearly I was wrong… Elon is right that Twitter needs innovation“, I consider.

For Musk, a big problem with Twitter is the amount of bots and spam accounts what’s on the platform, and he promised that he would “fix it or die trying”. However, shortly after announcing the purchase, denounced that the number of those accounts was much higher to which Twitter had informed, and decided to withdraw its offer.

Twitter denied the accusations. -now supported by an informant— and denounced Elon Musk. For this reason, both parties look forward to October 17, where Justice must decide if the agreement is carried outalthough Musk does not wantor if it is canceledleaving Twitter facing a bleak picture.

In either case, Musk’s friends will be able to say, without fear, that they were problems that could have been avoided if only they had listened to them.

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Elon Musk’s friends warned him not to buy Twitter