Before deciding to buy Twitter, Elon Musk thought about starting a competing social media company, according to a new SEC filing.
At the end of March, Musk made initial contact with Twitter after accumulating a more than 9% stake in the company that, for a time, made him the company’s largest shareholder. On March 31, he told Twitter CEO Parag Agrawal and Chairman Bret Taylor he was mulling over what to do with the shareholding and his interest in social media and Twitter, including launching his own social app, according to the newly filed proxy statement.
It would’ve put him on the same path as President Trump, who launched his Truth Social app in February with lackluster results. Instead, Musk went a different route and in April proposed and later won board approval for a $54.20-a-share buyout of Twitter. He has since said the deal may not happen over concerns about spam and the quantity on fake accounts on internet.