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Twitter Board must preserve all records of Elon Musk’s acquisition offer: House Republicans

(Credit: Tesla)

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Eighteen House Republicans are asking Twitter’s Board of Directors to preserve all records of Tesla CEO Elon Musk’s acquisition offer for the social media company. 

Addressed to Board Chairman Bret Taylor and other members of the social media company’s Board, the House Republicans stated in the letters that Twitter has a tendency to engage in “heavy-handed censorship.” The group then noted that the Twitter Board must “take all reasonable steps” to prevent the “destruction or alteration” of documents and communications related to the Tesla CEO’s buyout offer

Pertinent sections of the letters, which were shared with CNBC, are as follows. 

Decisions regarding Twitter’s future governance will undoubtedly be consequential for public discourse in the United States and could give rise to renewed efforts to legislate in furtherance of preserving free expression online. Among other things, the Board’s reactions to Elon Musk’s offer to purchase Twitter, and outsider opposition to Musk’s role in Twitter’s future are concerning. 

Twitter’s Board Members have fiduciary duties to the company’s shareholders. These duties apply despite how many corporations’ leaders increasingly pursue progressive policy goals divorced from shareholder interests. 

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As Congress continues to examine Big Tech and how to best protect Americans’ free speech rights, this letter serves as a formal request that you preserve all records and materials relating to Musk’s offer to purchase Twitter, including Twitter’s consideration and response to this offer, and Twitter’s evaluation of its shareholder interests with respect to Musk’s offer. 

You should construe this preservation notice as an instruction to take all reasonable steps to prevent the destruction or alteration, whether intentionally or negligently, of all documents, communications, and other information, including electronic information and metadata, that is or may be potentially responsive to this congressional inquiry. This instruction includes all electronic messages sent using official and personal accounts or devices, including records created using text messages, phone-based message applications, or encryption software.

In a way, the House Republicans’ letter hints that the party, if it takes back the majority of the House in the upcoming 2022 midterm elections, might initiate an investigation into Twitter. This would be a notable development, especially if Twitter’s Board of Directors decides to reject Elon Musk’s acquisition offer. The House Judiciary Committee, at least if it shifts to Republican control, may decide to subpoena records about the deliberations of Twitter’s Board. 

Elon Musk expressed his desire to acquire Twitter last week, offering to purchase the company at $54.20 per share. Twitter’s Board of Directors has neither accepted nor rejected Musk’s offer, though it opted to adopt a “poison pill” strategy, which makes it significantly harder for the CEO to take over the company. Recently, however, a 13D filing from Musk revealed that he had received commitments for $46.5 billion to help finance a potential Twitter buyout. Musk also indicated that he is exploring the idea of a tender offer to purchase some or all of Twitter stock directly from the company’s shareholders.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk

Neuralink targets $500 million raise at $8.5 billion valuation: report

The news was initially reported by Bloomberg, which cited sources reportedly familiar with the matter.

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Credit: Neuralink

Elon Musk’s Neuralink is reportedly gearing up for a $500 million funding round at a $8.5 billion pre-money valuation. 

The news was initially reported by Bloomberg, which cited sources reportedly familiar with the matter.

The Alleged Funding Round 

Preliminary discussions for the raise, which could value Neuralink at $9 billion post-money, have reportedly started. Terms for the funding round remain fluid, however, as per alleged insiders who opted to remain anonymous due to the private nature of the potential deal.

Neuralink has not issued a comment about its alleged funding round. That being said, Neuralink is one of Elon Musk’s smaller ventures, with PitchBook valuing the brain-computer interface startup at $3.5 billion in November 2023.  

Neuralink’s Ambitious Vision

Neuralink aims to create devices that enable users to interact with tech devices using only their brain. Neuralink is currently focusing on paralyzed individuals and neurodegenerative disease patients, though Musk has also hinted at Neuralink’s technology being used to address vision problems and other health issues. 

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Neuralink has made a lot of headway in its goals, with the startup recently announcing that it has expanded its human trial to three patients. All three are participants in the company’s ongoing primary study.

Musk’s Soaring Valuations

Neuralink’s potential capital raise aligns with skyrocketing valuations for Elon Musk’s other firms. While Tesla’s valuation remains volatile due to its publicly traded nature, his private space company, SpaceX, hit an impressive $350 billion valuation in December. His artificial intelligence startup, xAI, reached an $80 billion valuation following its merger with social media platform X. 

Musk’s holdings in his companies have allowed him to top the Bloomberg Billionaires Index with a net worth of $310 billion as of writing.

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Tesla regains Piper Sandler’s confidence with Robotaxi plans & Q1 Results

Piper Sandler says Tesla delivered the best-case scenario for bulls. $TSLA has catalysts ahead to silence the bears.

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(Credit: Tesla)

Tesla gained Piper Sandler analyst Alexander Potter’s confidence following its Q1 2025 earnings call. Piper Sandler reaffirmed its Overweight rating and $400 TSLA price target, signaling optimism for the company’s robotaxi and affordable vehicle launches expected this year. The firm’s stance reflects Tesla’s resilience amid market challenges.

Despite expectations of weak Q1 financials, Tesla’s stock edged up in after-hours trading, defying skepticism. Piper Sandler’s Alexander Potter noted that the results met the hopes of Tesla supporters, particularly as the company held firm on its timelines. Potter emphasized that anticipation for robotaxi details and new vehicle launches should keep critics at bay, supporting the $400 target.

“In our preview last week, we predicted that (at best) Q1 would be a non-event. With the stock trading up slightly in the after-hours session, it appears our best-case scenario has materialized. Considering generally weak Q1 financials, we think this is the best result that TSLA bulls could’ve reasonably hoped for.

“In our view, the most important Q1 takeaway is this: Tesla didn’t hedge expectations re: launching Robotaxis or lower-priced vehicles in 1H25. With <2 months until the end of June, investors can look forward to some interesting catalysts in the weeks ahead. In our view, this alone should be enough to keep the bears at bay, at least until we have a better idea re: the details of Tesla’s new products, as well as the scale/scope of the Robotaxi launch,” wrote Potter.

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Wedbush Securities’ Dan Ives, a longtime TSLA bull, echoed Potter’s optimism for Tesla. Ives raised his price target for Tesla stock from $315 to $350 with a BUY rating. His Tesla upgrade came after Elon Musk’s announcement during the Q1 earnings call that he would reduce his involvement with DOGE, signaling a sharper focus on Tesla.

Tesla’s steady Q1 performance and unwavering commitment to its 2025 roadmap, including the Robotaxi launch and lower-priced models, bolster investor confidence. Piper Sandler’s analysis underscores Tesla’s ability to navigate a competitive electric vehicle market while advancing its technological edge. The upcoming Robotaxi launch and affordable vehicle introductions are pivotal, with analysts expecting these initiatives to drive stock value through 2025.

As Tesla prepares for these milestones, its stock movement reflects market trust in Musk’s vision. With Piper Sandler and Wedbush reaffirming bullish outlooks, Tesla’s strategic moves will remain under close scrutiny, positioning the company to capitalize on its innovation pipeline in a dynamic industry landscape.

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Tesla says it has launched ride-hailing Robotaxi teaser to employees only

Tesla is using Full Self-Driving (Supervised) to court employees around in two areas.

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tesla robotaxi app on phone
Credit: Tesla

Tesla announced earlier today that it has already launched an abbreviated version of what will eventually be launched as its Robotaxi fleet in both Austin and the San Francisco Bay Area. It is available to employees, Tesla said.

The automaker did not specify exactly how long it has been operating the fleet, which uses the company’s Full Self-Driving (Supervised) suite, but it did indicate that it has completed over 1,500 trips, totaling 15,000 miles of driving.

As seen in the video shared by the company, there is a human driver still responsible for keeping tabs on the car and its movements. It is not the version that Tesla plans to eventually roll out in June, which would be completely unsupervised.

Tesla said that using this service has helped develop and validate Full Self-Driving networks. It will also be used to create a mobile app that will facilitate ride requests, vehicle allocation, mission control, and remote assistance operations.

The app appears to be somewhat similar to the images Tesla shared of a mock-up version of the platform last year.

Right around this time in 2024, Tesla shared images of what would be the ride-hailing app for the company, enabling passengers to request a ride from a driverless robotaxi:

Tesla gives first look at Robotaxi-powered ride-hailing service app

We also know, according to Tesla App Updates on X, that Tesla will simply integrate this ride-hailing portion of the platform directly into the app the company already operates. There will be no dedicated app for requesting a ride:

The company said in 2024 when teasing the app:

“We have been investing in the hardware and software ecosystems necessary to achieve vehicle autonomy and a ride-hailing service. We believe a scalable and profitable autonomy business can be realized through a vision-only architecture with end-to-end neural networks, trained on billions of miles of real-world data.”

Tesla said it still remains on track to launch a pilot version of the Robotaxi program in Austin in June, something the company has reiterated several times since the start of the new year.

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