Elon Musk Becomes Twitter’s ‘Biggest Shareholder’
Elon Musk, who owns Tesla and SpaceX, has become one of Twitter’s biggest shareholders just a week after posting on the platform that he was considering building a new social media company.
Must Read: Elon Musk Says he’s Considering Creating A New Social Media Platform
Elon Musk Buys 9.2% Twitter Stake Worth $2.9B Despite Recent Criticism & Past Reservations
In a filing published by the US Securities and Exchange Commission (SEC) on Monday, the billionaire revealed that he had taken a passive 9.2 percent stake worth $2.9bn.
A document filed with the US Securities and Exchange Commission shows the world’s richest man bought nearly 73.5 million shares, worth an estimated $273 billion. According to the announcement, the Tesla co-founder has more than quadrupled the shares of Twitter co-founder Jack Dorsey, who owns 2.25 percent.
It is the news that has prompted Twitter’s stock to soar by more than 26 percent in pre-market trade before Wall Street opened on Monday, meaning his shares are now worth around $3,6 billion, earning him an interest of $1.2 billion in three weeks.
Elon Musk’s move comes after he tweeted that he was giving “serious thought” to building a new social media platform while expressing his doubt about Twitter’s commitment to free speech.
Elon Musk joined Twitter in 2009 and has used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him in regulatory trouble.
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