Elon Musk has become the company’s largest shareholder after purchasing 73.5 million shares of Twitter stock.
Elon Musk, the CEO of Tesla, purchased a significant interest in Twitter, making him the social media company’s largest outside shareholder, not long after criticising the company for failing to uphold the basics of free expression.
According to a 13G report filed with the Securities and Exchange Commission on Monday, Musk owns 73,486,938 shares of Twitter or 9.2 percent of the company. The stake is worth $2.89 billion based on Twitter’s closing price on Friday.
The purchase comes less than two weeks after Musk slammed the company on Twitter, asking followers if it adheres to free speech principles.
Given that Twitter serves as the de facto public town square, failure to follow free speech laws has a substantial negative impact on democracy,” Musk remarked. “How should we proceed?” He said in a tweet
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
— Elon Musk (@elonmusk) March 26, 2022
What should be done? https://t.co/aPS9ycji37
Late last month, Musk also intimated that he was pondering creating a new social media site.
Despite the fact that it is classified as a passive investment, many were bidding more on the shares in the hopes of making a profit. The value of Twitter’s shares has risen by more than 27%.
“Musk could try to take a more aggressive posture here on Twitter,” Wedbush analyst Dan Ives said on CNBC’s “Squawk Box.” “It’s possible that this will lead to a buyout in the future.”
“This makes sense,” Ives said, “given what Musk has been talking about, at least from a social media aspect.”
Musk has over 80 million Twitter followers and is a regular Twitter user. Several of Tesla’s tweets, on the other hand, have gotten him into problems throughout the years.
On August 7, 2018, Musk announced that he has “funding secured” to take Tesla private at a $420 per share pricing. The year following that tweet was a roller coaster for Musk and Tesla stockholders. During that period, the company set performance records, but it also had to deal with litigation, government investigations, and layoffs. Musk also reached an agreement with the Securities and Exchange Commission, which resulted in his removal as Tesla’s chairman.
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