Elon Musk Becomes Twitter’s Largest Shareholder, Stock Rises
Updated · Apr 05, 2022
His holding is worth just under $3 billion.
Elon’s Twitter Move
Tesla CEO Elon Musk has acquired a stake in Twitter after criticizing its attitude towards free speech and the First Amendment.
Musk now owns 73,486,938 shares in the platform with upwards of 300 million active monthly users. This translates to a 9.2% passive stake, according to a document filed with the US Securities and Exchange Commission. By the close of trading on Friday, the stake was worth $2.89 billion. He has the largest share of the company, more than four times that of former CEO Jack Dorsey (2.25%).
As of pre-market trading on Wall Street on Monday, Twitter’s stock had risen by more than 25%.
Over the last few years, Twitter and other social networks have taken fire over their efforts in restricting certain. Last year, Twitter and Facebook summarily banned former US President Donald Trump from their platform in the wake of the Jan 6 overrun of the Capitol.
Musk has over 80 million followers on the microblogging platform. Less than two weeks ago, he criticized it and mused over creating a new social network himself. Musk made a poll to see whether it adheres to free speech. More than 70% of participants voted no.
Following his purchase of the 9.2% stake, Musk posted a cheeky tweet to his followers on Monday.
Oh hi lol— Elon Musk (@elonmusk) April 4, 2022
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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