Elon Musk, the billionaire founder of Tesla Inc., has bought
a 9.2 percent stake in Twitter.
According to a document filed with the US Securities and
Exchange Commission on Monday, Musk acquired 73,486,938 Twitter shares. The
shares are held by the Elon Musk Revocable Trust, of which he is the sole
trustee.
The stake is worth $2.89 billion based on Twitter’s closing
price on Friday.
Following the announcement, Twitter’s shares soared 25.8
percent to $49.48 in today’s pre-market trading.
Musk’s 9.2 percent Twitter stake makes him the largest
shareholder in the company, according to Refinitiv data.
This means the billionaire has more than quadrupled the
shares of Jack Dorsey, Twitter’s founder, who owns 2.25 percent.
Musk is a prolific user of Twitter and has more than 80
million followers on the platform.
In March, the 50-year-old businessman posted a poll on
Twitter, asking his followers whether the company adhered to the principles of
free speech.
“Free speech is essential to a functioning democracy. Do you
believe Twitter rigorously adheres to this principle?” he had tweeted.
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
After more than 70 percent of users voted ‘no’ after he
asked whether a new platform was needed.
Musk also said he was “giving serious thought” to creating a
new social media platform.
Last month, Musk asked a federal judge to nullify a subpoena from securities regulators and throw out a 2018 court agreement in which he had to have someone pre-approve his posts on Twitter.
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