Billionaire investor Elon Musk’s privately held social media entity X, formerly Twitter, has agreed to pay about $10 million to settle President Donald Trump’s lawsuit, according to the Wall Street Journal.
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The legal battle traces back to July 2021, when Trump sued Twitter and its then-CEO, Jack Dorsey, alleging unlawful censorship after his account was suspended following the January 6 Capitol riot. The suspension was enforced over concerns about inciting violence.
However, after acquiring Twitter in October 2022, Musk reinstated Trump’s account, which had been suspended since January 2021. Despite the reinstatement, Trump’s legal team pursued the lawsuit, ultimately leading to the settlement agreement.
Trump Wins Settlements in Big Tech Disputes
This settlement follows a similar agreement between Meta Platforms (META) and Trump, where Meta agreed to pay about $25 million to resolve a lawsuit concerning the suspension of Trump’s accounts after the Capitol attack.
Meanwhile, Trump’s legal team is also seeking a settlement with Google (GOOGL) regarding the ban of his YouTube account.
How to Invest in X
Investors can’t buy shares of X since the social media platform went private after Musk’s acquisition. However, those looking to bet on his ventures might consider Tesla (TSLA), the only one of his companies that is publicly traded. Analysts have a consensus Hold rating on TSLA, with a price target of $340.50, implying a potential 1.19% upside.
