Tech

Elon Musk’s Twitter purchase ‘good for America’

Big short investor Michael Burry touted Elon Musk’s purchase of a sizable stake in Twitter as a positive outcome for the US — aside from his occasionally chilly relationship with Tesla’s billionaire CEO.

Burry rose to national prominence after his bet against the subprime mortgage crisis was chronicled in the 2015 film.

The hedge fund manager tweeted his positive view of the deal alongside one Editorial of the Boston Herald — suggesting that Musk’s investment was a win for free speech.

The editorial criticized the Washington Post and New York Times for initially dismissing the Post’s report on Hunter Biden’s laptop ahead of the 2020 election – only to admit 18 months later that the laptop was genuine.

“Of course it would be good for America if @ElonMusk bought enough stock to control Twitter. period”, Burry said in the tweetwhat has now deleted.

Burry regularly deletes his old tweets and occasionally disables his entire Twitter account. His firm, Scion Capital Management, did not immediately respond to a request for further comment.

Musk announced his 9% stake in Twitter this week after repeatedly criticizing the social media platform’s moderation policies in the past. The Tesla CEO already has a seat on the board and has pledged to work with Twitter CEO Parag Agrawal to make “significant improvements” at the company.

Musk spent nearly $2.9 billion to acquire about 73.5 million Twitter shares. Under the terms of his agreement with Twitter’s board of directors, Musk’s tenure as a director expires in 2024 and he is barred from acquiring more than 14.9% of the company.

Michael Berry
Michael Burry’s firm took a short position in Tesla last year.
Getty Images

Burry praised Musk’s investment despite a history of disputes with the tech entrepreneur. Scion Asset Management went short in Tesla in late 2020, expanding its bet against the company over the past year — with Burry once tweeting that he found the company’s valuation “ridiculous.”

Elon Musk
Elon Musk has also secured a seat on Twitter’s board of directors.
Bloomberg via Getty Images

By October 2021, Burry announced that he no longer held a short position in Tesla. A month later, he resurfaced with another dig at Musk — claiming the billionaire sold Tesla shares late last year to cash out when stocks plummeted.

“Let’s be honest. @elonmusk borrowed for 88.3 million shares, sold all his mansions, moved to Texas and is asking @BernieSanders to sell more shares. He doesn’t need cash. He just wants to sell $TSLA” , Burry said at the time.

Burry’s comments drew a sharp reaction from Musk, who called him a “broken watch”.

https://nypost.com/2022/04/06/big-short-investor-elon-musks-twitter-buy-good-for-america/ Elon Musk’s Twitter purchase ‘good for America’

JACLYN DIAZ

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