Elon Musk Acquires 9.2% Stake In Twitter, Becomes Majority Shareholder
To put things in perspective of how huge this move truly is, Musk today has a larger stake in Twitter than its previous CEO, and co-founder, Jack Dorsey.
Elon Musk has acquired a 9.2 percent stake in Twitter, becoming the biggest shareholder of the platform.
Reuters
Also Read: Elon Musk Seriously Considering Making A New Social Media Platform
Reported first by Bloomberg, this move came just a week after the world¡¯s richest man discussed with his Twitter followers how freedom of speech on the platform.
Twitter shares spiked around 26 percent in premarket trading right after regulatory filing revealed Musk¡¯s purchase. The total stake amounts to $2.89 billion, based on the value upon closing on Friday.
Last week, Musk had asked in a poll if Twitter rigorously adheres to ¡®Free speech¡¯ as a principle on its platform, to which 70.4 percent people responded as ¡®No¡¯ and just 29.6 percent responded as ¡®Yes¡¯.
It is already established how big of an impact Musk has had on Twitter, becoming one of the most popular and influential personalities on the platform.
Also Read: Twitter Is Dictating Terms To World's Largest Democracy, Says Indian Govt
Mashable
It¡¯ll be interesting to see how this rise in stake changes the company¡¯s tides, especially since the company recently got a new CEO, Parag Agarwal who replaced Jack Dorsey after the quiet resignation in November.
To put things in perspective of how huge this move truly is, Musk today has a larger stake in Twitter than its previous CEO, and co-founder, Jack Dorsey.
It is unclear what Musk has planned for the micro-blogging platform. Based on the filing the form used indicates that the investor isn¡¯t seeking to acquire control of a company or influence who will control it.
Musk has already made $1.1 billion since mid-March, thanks to the rise in Twitter¡¯s shares in early trading Monday.
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