Elon Musk Bought Twitter Out Of Boredom, Reveals His Biography

Elon Musk is a man who lives for drama. Seldom does a day pass when he is not in the headlines. But what exactly goes on in the billionaire's mind? Well, his new biography book, written by Walter Isaacson, has further shed light on the world's richest person's decision to buy Twitter (now named X) for $44 billion in October last year.

Vanya GautamUpdated: Sep 13, 2023, 15:11 IST
4 min read
Elon Musk Bought Twitter Out Of Boredom, Reveals His Biography
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Elon Musk is a man who lives for drama. Seldom does a day pass when he is not in the headlines. But what exactly goes on in the billionaire's mind?

Well, his new biography book, written by Walter Isaacson, has further shed light on the world's richest person's decision to buy Twitter (now named X) for $44 billion in October last year.

Biography Reveals What Led To Elon Musk Buying Twitter

elon musk getty

The biography reveals Elon Musk's state of mind during the bizarre lead-up to his bid to buy Twitter. Twitter wasn¡¯t seen as a natural fit for Musk¡¯s portfolio of companies developing electric vehicles and space exploration technologies, but it reminded Musk of his longtime vision of building a social platform with payments incorporated. On a psychological level, Musk's decision to buy Twitter fulfilled his constant need to reach the next level in life, Isaacson wrote, as per the Fortune report.

In early 2022, things were going "surprisingly well for Musk," according to Isaacson: the previous year had made Tesla a trillion-dollar company, and Musk had an extra $10 billion on hand from recent stock sales. Calm is unnerving for Musk, Isaacson wrote, noting that the billionaire would try to ¡°manufacture a drama¡± at such moments. This time, using his extra cash, Musk began purchasing shares of Twitter, the social platform where he had posted 19,000 times over a decade.

When Elon Musk Secretly Met Former Twitter CEO Parag Agrawal

elon-musk-biography-book-parag-agrawal indiatimes

According to the book, after some of Twitter¡¯s board members urged Musk to become more involved in the company, Elon secretly met with then-CEO Parag Agrawal at an Airbnb farmhouse surrounded by tractors and donkeys. Agrawal was nice¡ªand that was a problem, according to Musk¡¯s belief that managers should not be liked. ¡°What Twitter needs is a fire-breathing dragon, and Parag is not that,¡± Musk said.

By then, Musk owned 9.2% of Twitter¡¯s stock, worth $2.9 billion, and Agrawal invited him to join the board of directors. The billionaire had become increasingly concerned with the state of free speech in America, blaming what he called the ¡°woke mind virus,¡± and he had ideas about a subscription system that would verify Twitter users.

But existing board members wouldn¡¯t take action on Musk¡¯s ideas, and none of them even used the platform, according to Isaacson. It became clear to Musk that a board seat wouldn¡¯t be enough.

¡°I began to believe that Twitter was heading off a cliff and that I couldn¡¯t save it by just being a board member,¡± Musk told the author. ¡°So I thought, maybe I should just buy it, take it private, and fix it.¡±

After stewing over the company¡¯s problems from Ellison¡¯s Hawaii estate¡ªand posting criticisms of Twitter on Twitter¡ªhe made the decision to purchase the company, according to Isaacson. In texts with Agrawal and then-chairman Bret Taylor, he said ¡°drastic action [was] needed,¡± and shared his plan.

Also Read: Why Apple CEO Tim Cook Once Rejected Elon Musk's Offer To Buy Tesla

Elon Musk Submitted Twitter Offer After Playing Video Game

elon-musk-biography-book-parag-agrawal foxbusiness

¡°It is better, in my opinion, to take Twitter private, restructure and return to the public markets once that is done,¡± he told Taylor. On April 13, he submitted the offer and tweeted the news after playing video game Elden Ring until 5:30 AM the next day.

The series of events feels more like an episode of Succession than a business negotiation, but that¡¯s not unusual for the richest man in the world. Elon Musk largely runs his businesses as a series of risky bets, including staking Tesla profits on fully autonomous driving technology and launching a spacecraft for SpaceX that he knew would explode in the sky. After bidding for Twitter, he repeatedly changed his mind on the plan, according to Isaacson, trying to renegotiate a lower price and ultimately calling off the deal, which Taylor forced through after a court battle.

It remains to be seen if the risks Musk took for X will pay off. It will take five years to turn the company around, Elon Musk predicted to Isaacson. So, one down, four to go.

Also Read: Elon Musk Launches His New AI Company Named xAI

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.

5/1/2025 4:36:34
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