Elon Musk Now Owns Major Shares in Twitter
Elon Musk took a 9.2% stake in Twitter, US securities filing reports. Due to the news, Twitter’s stock soared more than 27% in New York, trading on Monday. According to the Securities and Exchange Commission, Tesla’s CEO owned 73,486,938 shares on the social networking site as of 14 March.
Based on Twitter’s closing price on Friday, the stake is worth $2.89 billion (£2.2 billion). It puts him the company’s largest stakeholder, with a stake of more than four times that of Twitter founder Jack Dorsey‘s 2.25 percent. Mr. Musk is a frequent Twitter user with over 80 million followers, yet he recently stated that he is considering creating a new social media network.
Late last month, the businessman asked his Twitter followers if they thought the social media network fostered free expression. “A successful democracy requires free expression. Do you think Twitter follows this rule to the letter?” He then asked: “Is a new platform needed?“
An entrepreneur utilizes Twitter to keep his followers up to date on the companies he owns, such as SpaceX and Neuralink. He is also known for posting memes, which adds to his fan base. However, some of the posts have sparked debate. He tweeted last year in response to a claim by the UN World Food Programme’s (WFP) chief that only 2% of Mr. Musk’s fortune could assist in ending world hunger.
Furthermore, Elon stated in October that he would sell $6 billion in Tesla stock and donate it to the World Food Programme if the organization could explain “just how $6 billion will alleviate world hunger.” Last autumn, Mr. Musk’s Tesla vehicle company surpassed a market value of $1 trillion, making it the fifth company after Apple, Microsoft, Amazon, and Alphabet, the parent company of Google.
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Soon after, the CEO of SpaceX took to Twitter to ask Twitter users if he should sell a 10% interest in Tesla. More than 3.5 million Twitter followers voted, with approximately 58 percent in favor of the stock sale, resulting in Musk selling around $5 billion (£3.7 billion) in shares in November.
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