Elon Musk just became the largest shareholder in Twitter after having purchased 9.2% of Twitter stock, according to a filing this Monday. Musk's investment in the social media company now outnumbers that of Jack Dorsey, its co-founder and former CEO, who owns a 2.25 percent share.
Twitter (TWTR) stock soared 22% in early trading after the transaction was announced. Musk did not say how much he paid for the stock, but it was worth $2.9 billion as of Friday's closing, and $3.5 billion following the early Monday rise.
The objective of the purchase was not discussed in the filing, and neither were any future plans for the company. However, he has previously been a vocal critic of Twitter's regulations. He revealed last month that he was considering developing a new social media platform.
When an investor purchases 5% or more of a company's stock, they must report the transaction to the Securities and Exchange Commission. Although a holding of less than 10% in a firm is considered "passive" by Wall Street, it could indicate Musk's desire to play a more active role in Twitter's management. This might be one of the causes that prompted other investors to acquire shares early Monday, causing the significant price hike.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk said in a tweet last month. "What should be done?"
The Tesla CEO has also advocated in the past for moving Twitter to an open-source network, a statement that was supported at the time by Twitter’s co-founder, Mr. Dorsey: “the choice of which algorithm to use (or not) should be open to everyone”.
Interestingly enough, his signature on the SEC filing is dated Monday, meaning he would have purchased his ownership position more than a week before polling Twitter users.
Musk’s relationship with Twitter is a complicated one. He seems to love engaging with his more than 80 million followers on the platform and uses it quite frequently to share his own opinions as well as news about both Tesla (TSLA) and SpaceX, the two companies he leads, neither of which has a traditional public relations department.
His tweeting has caused him some trouble in the past, such as when he announced in 2018 that he would be taking Tesla private for $420 per share and that he had "financing secured" to do so.
The incident resulted in Musk having to step down as Tesla's chairman, though he remains the company's CEO. Both he and Tesla were fined $20 million, with Musk repaying Tesla by purchasing an extra $20 million in Tesla stock. He also committed to have any future tweets containing material information regarding Tesla reviewed by other Tesla executives before being sent out.
Tesla's Model Y has won U.S. News 'Best Luxury Electric SUV' award. U.S. News writes "Despite the onslaught of
new competitors, the Tesla Model Y is one of the most capable and well-rounded luxury electric SUVs that you can
buy at the moment," U.S. News added, “If you’re in the market, this is an option that’s well-worth a test
The Model Y was first delivered to owners in early 2020 and was the automaker’s second mass-market vehicle after
the Model 3. The Model Y effectively expanded Tesla’s product line to include a new body style. Tesla’s Model Y
has rapidly become the company's best-selling vehicle, despite being more expensive than the Model 3. This
speaks to the prominence of the Model Y, dominating the widely-popular crossover SUV sector.
Tesla's Model Y starts at $62,990, making it much more appealing to mass markets than the Model X which starts at
$114,990. Tesla's Model X has been offered for seven years, but is still only produced for sentimental reasons,
according to CEO Elon Musk.
U.S. News highlights that, while the Model Y offers less cargo and utility room than the Model X, it still
includes many of the same tech features and comparable performance. A fully enhanced Model Y has a 0 to 60 MPH
of just 3.5 seconds while still having over 300 miles of range and a 155 MPH top speed.
It's no surprise that the Model Y was the recipient of the U.S. News ‘Best Luxury Electric SUV’ award as it
topped the list of best-selling EVs in the US in Q1 2022. In Q1 2022, U.S. EV sales were up 60% year-over-year,
demonstrating the continued shift away from internal combustion engine vehicles.
Tesla took first, second and third place with an impressive 52,051 registered units for the Model Y, and 47,682
registered units of the Model 3. These two models alone make up the bulk of the entire U.S. EV market. Tesla
also achieved third place with 9,250 registrations of the Model S and seventh place is the Tesla Model X with
4,899 registrations. Tesla remains the leader in EV sales, consistently selling a number of vehicles
unattainable to competitors.
You can add up to four buttons, but with this little trick, you can also add a fifth icon.
Add a Fifth Icon to the Tesla App
To add a fifth icon start by long-pressing the row of icons to bring up an editing screen to sort or replace
those icons with the ones you use most frequently.
Now here is where the fun starts because it will take a little manual dexterity to add the additional icon
but when you do it correctly your sense of accomplishment will out weight your initial frustration.
Here is the trick:
With your right thumb, pick up one of the available icons and drag it over the fourth icon (in the screen
above it is the Front Trunk icon), but do not release it.
While keeping your right thumb held down, use your thumb on your left hand to press on the 1st icon (in the
screen above it is the HVAC icon), and drag it to the second icon (the Defrost icon). The icon you have
brought up will move offscreen to the right into the invisible fifth spot.
Release both fingers simultaneously and VIOLA a fifth icon will magically appear.
Have fun mixing and matching your icons as your needs change. You can update the icon bar as often as needed.
Tesla used to allow users to continue to add an unlimited amount of icons, but it wasn't a great experience
so the total number of icons is now limited to five.
There are several other useful bits of information about the Tesla app that could make it more useful.
For example, you can tap the battery icon at the top of the screen to access charging information. This
brings up the same information as tapping on the Charge Quick Control icon.
If you prefer tapping the battery icon, you can remove the Charge icon from the Quick Controls area, allowing
you to free up a spot, essentially giving you an extra Quick Control slot.
Wake Up Your Vehicle Quicker
When using the app most commands are executed through the vehicle's internet connection, which requires your
vehicle to be awake.
Waiting for your vehicle to wake up could sometimes take up to a minute, but there is a way to
speed it up if you're within Bluetooth distance (around 30 feet).
Some commands are sent via Bluetooth, which allows them to be completed even if the vehicle is asleep. This
includes locking and unlocking the doors.
When completing one of these commands, your Tesla starts to turn on almost immediately.
If you're waiting for your vehicle to turn on, you can send a command to lock/unlock your vehicle and your
vehicle should wake up quicker than just waiting.
If you've added a fifth icon to your Quick Controls and use the Tesla app widget, then the widget will now
display all five icons as well.
No Need to Wait
With the introduction of the Tesla app version 4.0 last year, Tesla quietly rolled out a feature that changes
the way you use the app.
Previously, you needed to open the Tesla app, wait for your vehicle to wake up, and then you could send a
command to the car, such as using turning on the climate system or using HomeLink.
However, now you can simply open the app, tap your desired function (it'll show a spinning circle) and you
can quit the app.
Instead of the command going directly to your car, it will now be sent to Tesla. Tesla's servers will be the
ones who wait for your vehicle to wake up, and when it does, Tesla will execute the command.
If for some reason Tesla isn't able to wake up your vehicle due to a poor connection or another error, then
you'll receive a notification saying the command failed.
This makes turning on the HVAC system a much more enjoyable experience.
TeslaFi is a service that logs your drives and charging sessions so that you can later refer back to them. We highly recommend checking them out if you use your car for business trips and would like to keep track of reimbursements, if you like to see how much you spend on charging or if you just love statistics. View their about us page and see everything they have to offer!
DIMO is building a web3, user-owned network dedicated to supporting the next generation of mobility infrastructure. As a user, you can start today by accessing the best connected vehicle experience via the DIMO Mobile App. It works for nearly any vehicle and across any OEM; users are in control of their data and their DIMO wallet is a conduit to other apps and services, saving time and money. Learn more