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Elon Musk Becomes Twitter’s Largest Shareholder With 9.2% Stake

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Elon Musk

Key Specifications:

  • The world’s richest man owns quadruple the shares of its founder Jack Dorsey
  • His passive stake is valued at up to $2.9billion based on Friday’s stock close
  • It has prompted Twitter’s share price to soar 26% in pre-market trading

Elon Musk has become Twitter’s largest shareholder after amassing a 9.2 percent stake in the social media platform.

Shares in Twitter rose by more than 27% in a single day since its 2013 stock market debut. He had bought 73.5 million shares. His investment was worth about $2.89 billion as of Friday.

It means his shares are now worth around $3.6billion, earning him an interested $1.2billion in three weeks.

Shares of other social media firms, including Meta Platforms and Snapchat owner Snap Inc, were also trading higher.

Musk’s stake in Twitter is considered a passive investment, which means he is a long-term investor that’s looking to minimize his buying and selling of the shares.

Musk’s move, reveals in a regulatory filing, comes on the heels of his tweet that he was giving “serious thought” to building a new social media platform while questioning Twitter’s commitment to free speech.

The social media platform is also working on an edit button for some time. For this, he started a poll asking Twitter users if they want it. Next, CEO Parag Agrawal called on all customers and prospects to “vote carefully.”.

An edit option was supported by over 75% of the poll’s participants within the first two hours of its launch.

Last week, in another poll, Musk asked if the Twitter algorithm should be open source. More than 82% of the users said yes, while former CEO Jack Dorsey said, “the choice of which algorithm to use (or not) should be open to everyone.”

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