Elon Musk’s addiction to continuous attention shows no signs of slowing down.
The Tesla (TSLA) – Get Tesla Inc Report CEO and the world’s richest man sent out another headline-grabbing tweet late Wednesday.
Earlier this week, Musk won an agreement from Twitter’s (TWTR) – Get Twitter, Inc. Report board for him to buy the social media company for $44 billion. The deal won the blessing of Twitter co-founder Jack Dorsey.
Since then, Musk has offered a series of controversial tweets, seemingly unable to give up the thrill of being the constant center of attention of much of the business and governmental worlds.
In particular, he’s harped on so-called freedom of speech problems at Twitter, raising concerns that he might reinstate former president Donald Trump on the platform. Trump was permanently banned from Twitter for fears he would incite even more violence in the wake of the Jan. 6, 2021 insurrection.
Five people died as a result of the violent attempt by Trump supporters to take over the capital and stop the counting of the electoral votes and Trump was impeached for a second time as a result.
Though Musk calls himself a “free speech absolutist,” the Supreme Court has ruled that freedom of speech protections in the constitution do not extend to “yelling ‘fire’ in a crowded theater.”
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Old Coke?
Not content, however, Musk lobbed out another wild idea Wednesday.
What else to make of Musk’s latest tweet in which he says “Next I’m buying Coca-Cola to put the cocaine back in.”
Venerable Coca-Cola was once made using cocaine, but the drug was removed from the recipe at the beginning of the 20th century, before the drink became a global phenomenon.
Acquiring Coca-Cola would be a much bigger task for Musk than Twitter, as its market capitalization is currently about $288 billion, equivalent to Musk’s entire net worth on any given day.
There’s another wrinkle that could get in the way as well, since Coca-Cola’s largest single shareholder is Warren Buffett, who holds about 9% of the soft drink maker through his Berkshire-Hathaway (BRK.A) – Get Berkshire Hathaway Inc. Class A Report (BRK.B) – Get Berkshire Hathaway Inc. Class B Report investment vehicle.
Buffett made his first purchases of Coca-Cola in the wake of the 1987 stock market crash and has profited handsomely over the years.
Unlike Musk, Buffett generally takes a hands off approach to any companies he buys or holds large stakes in.