Elon Musk becomes Twitter’s largest shareholder

Tesla CEO Elon Musk has bought $2.89 billion worth of shares in Twitter, a regulatory filing reveals, sending the company’s stock soaring Read Full Article at RT.com

Elon Musk becomes Twitter’s largest shareholder
4 Apr, 2022 12:15 HomeBusiness News

Elon Musk becomes Twitter’s largest shareholder

The billionaire now holds a 9.2% stake in the micro-blogging platform, filings show

Twitter’s share price jumped 26% in pre-market trading on Monday after a Securities and Exchange Commission (SEC) filing revealed that Tesla CEO Elon Musk has taken a 9.2% passive stake in the social media company.

The stake is worth $2.89 billion, based on Twitter’s closing price on Friday. The filing shows that Musk made the purchase on March 14 and he now owns 73,486,938 shares.

However, Wedbush analyst Dan Ives told CNBC that the move “eventually could lead to some sort of buyout.” He added: “Musk could try to take a more aggressive stance here on Twitter.”

READ MORE: Elon Musk warns of risk for Tesla

A frequent user of the platform, Elon Musk has more than 80 million Twitter followers. His tweets have occasionally gotten him into trouble. Musk wrote recently that 50% of the messages he posts on Twitter are sent while sitting on the “porcelain throne.” Last week, the billionaire revealed he was thinking about creating a social media platform because Twitter is “failing to adhere to free speech principle.”