After buying Twitter for $44 billion, billionaire entrepreneur and Tesla boss Elon Musk is looking to add more companies to his already growing empire that comprises Tesla, SpaceX, The Boring Company and now Twitter.
After buying Twitter for $44 billion, billionaire entrepreneur and Tesla boss Elon Musk is looking to add more companies to his already growing empire that comprises Tesla, SpaceX, The Boring Company and now Twitter. In a recent tweet, Musk said that he wants to buy the FMCG giant Coca-Cola to “put the cocaine back in.”
For people wondering if this is indeed his plan — it is better to take it with a pinch of salt. For now.
Next I’m buying Coca-Cola to put the cocaine back in
— Elon Musk (@elonmusk) April 28, 2022
Georgia-headquartered soft drink company’s market capitalisation (m-cap) currently stands at $284.20 billion. The company logged higher sales for the latest quarter as demand held up, offsetting the rising input costs.
Coca-Cola’s organic revenue, excluding currency swings and acquisitions or divestitures, rose 18 per cent in the quarter that ended on April 1, due to 7 per cent benefit from price increases and products sold. Despite a 17 per cent rise in cost of goods, Coca-Cola’s operating income rose by 25 per cent on-year to settle at $3.41 billion, according to a Wall Street Journal report.
It further stated that the company’s suspension of business in Russia due to the Ukraine crisis will hurt full-year adjusted earnings by 4 cents per share.
Meanwhile, Musk also shared a screenshot of his old tweet where he said that he is going to buy the fast-food bellwether McDonald’s and fix all their ice cream machines. “Listen, I can’t do miracles ok,” he posted along with the screenshot.
South Africa-born entrepreneur has been in the news for the past week due to his acquisition of Twitter at $44 billion or $54.20 per share. The company has roughly 99,000 employees and an m-cap of $1.031 trillion.
A couple of changes are expected with Musk’s takeover of the platform. These are: edit button, longer tweets, removing spam bots, not imposing permanent bans on users and open sourcing the algorithm so people know what is happening with their account.
(With Wall Street Journal inputs)