Elon Musk has a penchant to remain in the news, many a time due to the controversies that he creates. After previously claiming that Apple was planning to boot out Twitter from its app store, he has now said that the iPhone maker never considered removing Twitter.
Musk made these comments after meeting Apple CEO Tim Cook with whom he says he had a “good conversation.” Musk also tweeted, “Among other things, we resolved the misunderstanding about Twitter potentially being removed from the App Store. Tim was clear that Apple never considered doing so.”
Meanwhile, Musk was even contemplating his next course of action if Apple were to remove Twitter. He tweeted that he would shift to an alternative phone if Apple removed Twitter. He also criticized Apple for charging hefty fees for in-app purchases.
Musk also conducted a Twitter poll on whether Apple should publish all censorship actions affecting its customers. The majority of participants responded with a yes.
To be sure, Musk has criticized Apple in the past also. He once called the company a “Tesla graveyard” and said Apple hires people who are rejected by Tesla.
Musk now going back on his assertion that Apple wanted to remove Twitter from the App Store is yet another about-turn for the mercurial business leader.
Musk Now Says Apple is Not Planning to Remove Twitter
Notably, both Apple and Google App Stores have policies related to platforms like Twitter that have user-generated content. Among others, they insist on content moderation and controls. Incidentally, Google delayed approving Trump’s Truth Social from the App Store, apparently over moderation concerns.
Truth Social is part of TMTG (Trump Media & Technology Group) which has announced a merger with Digital World Acquisition (NYSE: DWAC). We have a guide on how investors can buy DWAC stock.
Talking of Musk’s about turns, he has made plenty of them, including over Twitter. He backed out of the deal to buy Twitter after his initial assertion. He walked out of the deal over the alleged fake accounts on the platform. However, amid mounting legal pressures he agreed to buy the company at the original terms.
It’s now widely accepted that Musk wanted to negotiate the deal at a lower price as he was having a “buyers’ remorse.” During Tesla’s Q3 2022 earnings call, he admitted that he overpaid for Twitter.
Musk has Made Many About Turns in the Past Also
In the past also, Musk has made many about-turns including when it comes to cryptocurrencies. In 2021, Tesla started accepting bitcoins as payment for cars and also invested money in them.
Soon enough, the company stopped accepting them as payment as Musk doubted their green credentials. Earlier this year, the company sold most of its bitcoins while Musk said last year that it won’t sell them.
Even on dogecoin, he has changed his stance and the self-proclaimed dogefather called it a “hustle” at one point in time. He also did not accept dogecoin as payment for Tesla calls despite a Twitter poll where the majority voted in favor. Dogecoin has seen some upwards traction though since Musk acquired Twitter. You can also buy dogecoin with PayPal.
More recently, Musk sold more Tesla shares despite having said that he is done with selling the shares.
Tesla Stock Has Fallen after the Twitter Acquisition
Dan Ives of Wedbush Securities said that Musk “tarnished” the Tesla story which coupled with his frequent selling of TSLA stock is an “albatross” for stockholders. Tesla stock has been in the penalty box since Musk acquired Twitter.
Amid the crash in Tesla stock, some of the bears also find the risk-reward attractive. Citi upgraded TSLA stock to a neutral, pointing to the balanced risk-reward. It also raised the stock’s target price to $176.
Bernstein analyst Toni Sacconaghi finds the valuations getting reasonable now even as he is still bearish on TSLA stock.
Meanwhile, Morgan Stanley analyst Adam Jonas continues to remain bullish on TSLA stock and believes that there would be a good buying opportunity near his bear case target price of $150. We have a guide on how to buy Tesla stock.
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