Elon Musk Acquires 9.2% Stake In Twitter

Elon Musk Acquires 9.2% Stake In Twitter

Topline

Elon Musk, Tesla’s CEO, has purchased a 9.2% share in Twitter. This announcement was made in an SEC filing Monday. It comes just weeks after the billionaire had accused Twitter of not adhering to freedom speech principles.

The Key Facts

Twitter stated that Musk bought 73.4 Million common shares as part of its regulatory filing.

The disclosure has led to a 25% surge in Twitter’s share price in pre-market trading at 7:15 am ET on Monday.

This acquisition would make Musk the company’s largest shareholder, nearly four times the size of founder Jack Dorsey’s 2.25% stake, the Financial Times notes.

Big Number

$2.89 billion. That’s how much Musk’s Twitter stocks were worth based on Friday’s closing price.

The Key Background

Musk has yet to make a statement on the acquisition. However, the billionaire had previously made one. indicatedHe wanted to see Twitter change and more hintedAufbau einer rival platform. Musk announced the launch of the platform on March 25th. conducted a poll on Twitter asking his followers if they believe that Twitter “rigorously adheres” to the principle of free speech, adding that the consequences of the poll will be important. After around 70% of 2 million Twitter users voted “No,” Musk noted that Twitter was the “de facto public town square” and alleged that it was failing to adhere to free speech principles and undermining democracyDuring this process. The billionaire made a staggering $1.2 billion in December. cryptic tweet Depicting the social media platform’s newly announced CEO Parag Agrawal as Stalin, while Twitter’s founder and former CEO Jack Dorsey was shown as being thrown into a river.

Tangent

Musk, who has a net worth $287.6 million, is the current richest person on the planet according to Forbes. SME‘ Real Time Billionaire’s List. Amazon founder Jeff Bezos is in distant second with an estimated net worth of $189.3 trillion.

Additional Reading

Twitter’s New CEO Gets His First Public Challenge: Elon Musk (SME)

After Elon Musk’s purchase of a 9% share in CNBC, Twitter shares soared to more than 25%

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