Elon Musk Purchases 9.2% Stake in Twitter, Becomes Platform’s Biggest Shareholder

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Image: Twitter

Twitter has become more synonymous than ever with Elon Musk, whose ramblings, jokes, and memes have already catapulted him as one of the platform’s most notable members. The Tesla and SpaceX CEO decided to throw some of his ridiculous wealth into the social media platform recently, according to a new regulatory filing that can confirm the world’s richest man now owns a 9.2% stake in Twitter.

The stake appears to have been made in mid-March and is valued at $2.89 billion based on Friday’s market close. Coincidentally (or not), it was just last Friday that Musk hinted at how he wasn’t perfectly happy with Twitter and was considering starting his own social media outfit. Twitter shares soared 29% after investors learned of his purchase.

Elon Musk Takes 9.2% Stake in Twitter After Hinting at Shake-Up (Bloomberg)

Elon Musk took a 9.2% stake in Twitter Inc. to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry.

Twitter shares surged as much as 27% after Musk’s purchase was revealed Monday in a regulatory filing. The gain marked the stock’s biggest intraday increase since its first day of trading following the company’s 2013 initial public offering. The stake is worth about $2.89 billion, based on Friday’s market close.

Musk, 50, polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own.

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Tsing Mui
News poster at The FPS Review.

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