Some of Elon Musk’s friends privately advised him against buying Twitter after realizing he wasn’t kidding, Axios has learned.
Why it matters: Musk didn’t take the advice. He is now trying to withdraw from his $44 billion deal, with a trial set for next month in Delaware.
- Some sources close to Musk say they don’t doubt or disagree with his sincerity about lifting content restrictions on the platform. They also think he has the ability to improve Twitter’s products.
- But they worried that he downplayed the headaches unique to Twitter, and how that could distract from efforts at SpaceX and Tesla that they believe are more important to him.
Musk’s other confidantes I first learned about Musk’s offer through his tweets. LinkedIn co-founder Reid Hoffman, part of the so-called “PayPal Mafia” with Musk, spoke with Axios about the new season of “How It Happened.” The podcast series explores the clash between the world’s richest man and one of the most influential social media platforms:
- “I think I got the reaction from most people, it was like, ‘Oh my God, another big problem. He’s already dealing with a huge number,'” Hoffman told Axios in an exclusive interview.
- His venture capital firm, Greylock, declined Musk’s offer to co-invest in Twitter, though he remains confident in his friend’s entrepreneurial skills, he added. “I was one of the people who thought you couldn’t do both Tesla and SpaceX and obviously I was wrong … Elon is right that Twitter needs innovation.”
- It’s also worth noting that other venture capital firms agreed to invest alongside Musk. That includes Sequoia Capital, where PayPal alum Roelof Botha is a longtime partner.
🎧 Go deeper: Episode 1 of How It Happened: Elon Musk vs Twitter
Axios business and markets managing editor Javier E. David, How It Happened senior producer Naomi Shavin and How It Happened reporter-producer Amy Pedulla contributed reporting to this story.
