More and more lawsuits against Musk
Elon Musk is facing yet another lawsuit in connection with his incomplete Twitter purchase.
According to Reuters, investors have sued Tesla CEO Elon Musk for allegedly manipulating stock prices in advance of his deal to buy Twitter.
Musk reportedly saved $ 156 million by failing to disclose that he had purchased more than 5% of Twitter shares by March 14, thereby breaking SEC requirements.
According to investors, Musk just disclosed his investments in early April. He subsequently declared that he held 9.2 percent of Twitter's stock.
Investors also claimed that Musk's words following the unveiling were a hoax. They were especially disturbed by his claim that the contract is "pending" until Twitter confirms that bots are not a huge worry and that less than 5% of Twitter users are bots.
Musk's intended purchase has already sparked considerable consternation and legal complications. In addition to the foregoing, the Florida Pension Fund has sued Musk for purported violations of Delaware law, attempting to prevent Musk from assuming control of Twitter by 2025.
Meanwhile, the SEC is looking into when Musk disclosed his Twitter ownership. It is unclear how all of these lawsuits will be resolved, but they continue to pose severe difficulties to Musk's objectives.
Musk wants to quadruple Twitter users by 2028
Although the agreement has not yet been finalized, Musk must still pitch his vision to investors in order for the company to get the necessary funding.
To begin with, Musk hopes to boost monthly Twitter users from 217 million at the end of 2021 to approximately 600 million by 2025 and 931 million by 2028.
In the next six years, the number of monthly users will more than quadruple. Musk also wants 104 million paid subscribers for a single service dubbed "X."
There were no specifics on the service X, but Musk implied cryptically that it could be a paid Twitter experience with no adverts.
Musk provides a lot of insights regarding some lofty income targets when it comes to paying for using Twitter. He estimates Twitter's yearly revenue might more than double to $ 26.4 billion by 2028, up from over $ 5 billion last year.
