Musk Considered Launching His Own Social Network App Before Twitter Bid

Musk Considered Launching His Own Social Network App Before Twitter Bid

(Updating…)

Elon Musk had considered starting his own social media company prior to buying Twitter. According to a recent SEC filing.

At the end of March, Musk made initial contact with Twitter after accumulating a more than 9% stake in the company that, for a time, made him the company’s largest shareholder. According to the proxy statement, he spoke to Parag Agrawal, Chairman of Twitter and Musk on March 31. He was contemplating what to do about the shares and his interests in Twitter and social media.

It would’ve put him on the same path as President Trump, who launched his Truth Social app in February with lackluster results. Musk chose to go a different path and proposed, and then won board approval for, a $54.20-a share buyout of Twitter. Since then, Musk said that the deal could not proceed due to fears about spamming and the number of fake accounts online.

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