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Elon Musk stake in Twitter 'just the appetizer,' Wedbush's Dan Ives says

35
Brian Sozzi
·Executive Editor
·1 min read

Tesla CEO Elon Musk may be just getting started when it comes to trying to shake up Twitter.

It was disclosed on Monday that the somewhat unpredictable Musk took a 9.2% stake in Twitter. The stake — valued at close to $3 billion as of Twitter's closing price on Friday — is defined as a passive one.

Shares of Twitter surged 20% in the session.

"This is just the appetizer. Ultimately, we believe he will have an active stake over the coming weeks or month. This is just a start. I think he will have a broader strategic focus on Twitter, whether it's changing the slate, changing the management team or ultimately a buyout," said Wedbush analyst and Tesla bull Dan Ives on Yahoo Finance Live.

The disclosure comes about two weeks after Musk — a long-time tweeter-in-chief — questioned the speech practices on Twitter. He floated the idea of creating his own social media platform, that could perhaps rival his friend Jack Dorsey's.

"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?," Musk said in the tweet.

Ives reiterated an Out-perform rating on Tesla with a $1,400 price target. He doesn't believe Musk will get sidetracked by trying to potentially shake-up Twitter.

"I think investors have gotten used to Musk casting a massive net," Ives said.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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