Elon Musk just became the largest shareholder in Twitter after having purchased 9.2% of Twitter stock, according to a filing this Monday. Musk's investment in the social media company now outnumbers that of Jack Dorsey, its co-founder and former CEO, who owns a 2.25 percent share.
Twitter (TWTR) stock soared 22% in early trading after the transaction was announced. Musk did not say how much he paid for the stock, but it was worth $2.9 billion as of Friday's closing, and $3.5 billion following the early Monday rise.
The objective of the purchase was not discussed in the filing, and neither were any future plans for the company. However, he has previously been a vocal critic of Twitter's regulations. He revealed last month that he was considering developing a new social media platform.
When an investor purchases 5% or more of a company's stock, they must report the transaction to the Securities and Exchange Commission. Although a holding of less than 10% in a firm is considered "passive" by Wall Street, it could indicate Musk's desire to play a more active role in Twitter's management. This might be one of the causes that prompted other investors to acquire shares early Monday, causing the significant price hike.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk said in a tweet last month. "What should be done?"
The Tesla CEO has also advocated in the past for moving Twitter to an open-source network, a statement that was supported at the time by Twitter’s co-founder, Mr. Dorsey: “the choice of which algorithm to use (or not) should be open to everyone”.
Interestingly enough, his signature on the SEC filing is dated Monday, meaning he would have purchased his ownership position more than a week before polling Twitter users.
Musk’s relationship with Twitter is a complicated one. He seems to love engaging with his more than 80 million followers on the platform and uses it quite frequently to share his own opinions as well as news about both Tesla (TSLA) and SpaceX, the two companies he leads, neither of which has a traditional public relations department.
His tweeting has caused him some trouble in the past, such as when he announced in 2018 that he would be taking Tesla private for $420 per share and that he had "financing secured" to do so.
The incident resulted in Musk having to step down as Tesla's chairman, though he remains the company's CEO. Both he and Tesla were fined $20 million, with Musk repaying Tesla by purchasing an extra $20 million in Tesla stock. He also committed to have any future tweets containing material information regarding Tesla reviewed by other Tesla executives before being sent out.
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Tesla has announced steep price increases for its vehicles in Canada, with adjustments of up to CA$9,000 set to take effect on February 1, 2025. This move impacts nearly all models, with the Model 3 Performance trim seeing the steepest hike, rising from $70,990 to $79,990 Canadian. The Model Y, Model S, and Model X will each see a flat increase of CA$4,000 across all trims. Notably, the Cybertruck remains unaffected by these changes.
These price hikes coincide with the expiration of Canada’s federal EV incentive program, which previously offered CA$5,000 rebates on eligible vehicles, further increasing the price of Tesla vehicles.
Additionally, the Canadian dollar’s recent decline against the US dollar and looming trade tensions between the U.S. and Canada may have influenced Tesla’s decision. President Trump proposed a 25% tariff on Canadian goods, and Tesla may be expecting Canada to retaliate with a similar tariff on US goods. However, it’s interesting that Tesla has chosen to raise prices so drastically before any tariffs have been announced.
Price Increases
Model
Price Increase
Model 3 Long Range RWD
CA $4,000 ($2,800 USD)
Model 3 Long Range AWD
CA $8,000 ($5,600 USD)
Model 3 Performance
CA $9,000 ($6,300 USD)
Model Y
CA $4,000 ($2,800 USD)
Model S
CA $4,000 ($2,800 USD)
Model X
CA $4,000 ($2,800 USD)
Cybertruck
$0
Buyers
This could be a critical time to act for prospective buyers, with the price increase going into effect in just about a week. Tesla’s online configurator allows customers to lock in current prices by placing an order before February 1st. The company’s referral program also offers CA$1,300 off Model Y, Model S, and Model X purchases, providing additional savings before the price hike takes effect.
Expect these adjustments to impact Tesla sales in Canada, although they’re likely to affect other manufacturers as well. We may see a potential surge in orders ahead of the February 1 deadline, especially for the AWD and Performance variants of the new Model 3.
It’s not clear whether the price increase will impact the new Model Y, which was announced last night for North America and Europe. Deliveries for the new model begin in March.
If you’re on the fence about whether you should order a new Tesla, now may be a good time to place your order. Tesla offers the ability to cancel your order, but buyers would lose their deposit.
Tesla has officially launched the refreshed Model Y in North America and Europe, just 13 days after the launch for the Asia-Pacific Markets.
Just like the other markets, Tesla will be starting with the Launch Edition, which will include FSD and Acceleration Boost. It will also include other smaller details such as Launch Edition badging, puddle lights, special wordmark logos on the door sill plates, and wireless charging pads, as well as an exclusive textile trim and black vegan suede interior.
The new Model Y is available for pre-order immediately but will only begin shipping in March, which is surprisingly sooner than the market where it was initially unveiled. Due to the new model, Tesla has also begun to offer some compelling inventory discounts for the now, last-gen Model Y.
Pricing
Pricing for the new Model Y includes the Launch Edition package - similar to the Foundation Series Cybertruck pricing - a premium launch bundle that will give you a fair amount of additional features and get you earlier access to the new Model Y.
What’s unique with this launch is that color and wheel selection are included in the price - so you can choose from Stealth Grey, Pearl White Multicoat, Ultra Red, and Quicksilver for the colors without any additional fees. You can also pick from the 19” Crossflow wheels or the 20” Helix 2.0 wheels.
Not a Tesla App
Tesla did not announce the price for the non-Launch Edition versions of the vehicle. This includes the RWD, Long Range AWD, and Performance variants. We’ll likely see these launch in the coming months but expect Tesla to continue to sell the Launch Edition as long as there’s demand. Given that the Model Y is the world’s best-selling vehicle, it could be a while before we see a non-bundle version.
Tesla’s site currently only lists the new Model Y with its Long-Range All-Wheel Drive variant. The Long-Range Rear-Wheel Drive variant is currently unavailable in North America and Europe, but the specs are listed on the “Compare Models” page.
Model
Price (USD)
Price (CAD)
Price (EU)**
New Model Y LR AWD
$59,990
$84,990
€49,990
2024 Model Y Performance
$51,490
$73,990
€52,990
2024 Model Y LR AWD
$47,990
$68,990
€58,990
2024 Model Y LR RWD
$44,990
$64,990
€61,990
*Canadian Prices include the recent price increase.
**EU prices may vary by ordering nation.
The new Model Y comes in well above the price for the Performance variant of the previous Model Y. However, remember that this includes the $2,000 Acceleration Boost package, the $8,000 FSD package, and all of the other smaller add-ons. If you were already planning to buy the FSD and Acceleration Boost packages, it ends up being a decent deal, but the biggest attraction is the ability to get your Model Y much sooner.
Metallic infrared reflective coating on all glass for better heat reflection
Power-actuated second-row vents
One stalk for signaling. Shifting is now on the main screen.
The front-end view.
Not a Tesla App
Asia-Pacific Differences
RWD Variant: There are three key differences for the North American and European launches, versus the Asia-Pacific launch. First off, the Long Range Rear-Wheel Drive variant isn’t available for ordering at this time. That’s a pretty big hit - because it was the far more affordable version of the refreshed Model Y. With the new pricing forcing buyers to buy FSD and Acceleration Boost, making it more expensive than the Performance model, it could lead some buyers to hold off until the Launch Edition is over.
Glacial Blue: Second, the new color - glacial blue - isn’t making its way to North America or Europe at this time. In fact, the color palette for the Model Y appears to be limited to Stealth Grey, Pearl White Multicoat, Ultra Red, and Quicksilver.
Tow Hitch: Third - and honestly the most exciting - a class II tow hitch, capable of towing the same 3,500 lbs of weight, is available in North America and Europe, and it is included as part of the features for the Launch Edition.
With deliveries slated for March, we’re excited to see the first few arrive in North America and Europe arrive in the next 5-10 weeks. We’re sure the refreshed Model Y will be making its way to Tesla showrooms, as well as Auto Shows in both markets sometime soon - so stay tuned.
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