It is not an easy road to the top when you have to manage three mega-companies and the challenges it comes with them. They say it is lonely at the top but for Elon Musk it is tiring as well. It has gotten more complex for the billionaire since he acquired Twitter in the historic $44 billion deal. Before the deal, it was not smooth sailing for the new Twitter CEO. There were many hurdles along the way including a lawsuit. But, even after the acquisition, the problems have not come to an end.
After acquiring the microblogging site, Elon Musk was faced with increasing losses. This was due to the advertisers who were pulling out from advertising due to increasing pressure from the activists. Due to heavy losses accrued, Musk started the mass layoff saga by sacking a large number of employees with an overnight email. He continued doing so even firing employees who were speaking against him. While the trial-and-error technique was in execution, he received a heavy blow with two lawsuits along with plunging wealth. Now, Elon has come forward and expressed his exhaustion in the last three months.
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Elon Musk Juggled With Twitter And Other Two Companies While Saving The Former
Even before he became the CEO, Elon Musk has been practicing his rights as a shareholder suggesting changes on the platform. But, once he became the CEO, he has been tirelessly working to build the platform as a haven for democracy to remain intact. There were many policy and technical changes executed on the platform. The business mogul brought interface changes and to boost revenue, he introduced a subscription fee to users to access certain exclusive features.
While these changes were taking place, there were accusations from Tesla’s shareholders of neglect. The EV company had been facing a tough time in the share market. There were complaints from both consumers and shareholders. Amidst this, the former Twitter employees filed several class-action lawsuits due to the abrupt layoffs without giving the required notice period before firing them. The Tesla shareholders also filed a lawsuit against him for the 2018 tweets taking Tesla private which led to shareholders losing a heavy amount of money.
The Wall Street Journal published an article titled ‘When Does Elon Musk Sleep? Billionaire Speaks Of Limits To Fixing Twitter And His Back Pain’. In the article, they talked to him where he detailed his uneven sleeping patterns, his physical pain, and keeping Twitter away from bankruptcy. On Twitter, Elon Musk highlighted the personal problems that he is going through to keep his professional life afloat.
Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone.
Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!
— Elon Musk (@elonmusk) February 5, 2023
He said, “Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone. Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!”
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The CEO Is Not Found Guilty Over The Tesla Tweets In 2018
Elon Musk is finally relieved in his 2018 Tesla tweets lawsuit which the shareholders filed. In 2018, Elon Musk made his plan official to take Tesla private on Twitter. He wrote, “Am considering taking Tesla private at $420. Funding secured. Shareholders could either to sell at 420 or hold shares & go private”. It created volatile market situations causing a false rise in price and resulting in many shareholders losing their money.
Tesla and Elon Musk received a blow due to the tweets when The Securities and Exchange Commission penalized them. They asked them to pay $20 million separately, and they also asked Musk to step down as the Chairman of Tesla’s board.
The shareholders registered the case in California and the trials were ongoing since January 2023. On February 3rd, 2023, after the jury deliberation, Musk was found not guilty on the charge that his tweets led the investors to lose their money. If the Tesla owner would have been found guilty in the case, he would have had to pay billions of dollars to shareholders from his already plummeting wealth.
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