Elon Musk buys 9.2% passive stake in Twitter
Musk is now one of the largest shareholders in Twitter
According to a recently published filing released today, Elon Musk, CEO of Tesla and SpaceX, just bought 9.2% of Twitter. According to the filing, Elon Musk now owns a stake in the social media giant, and he is now one of the largest shareholders in the company, even overtaking Jack Dorsey, the previous CEO of Twitter.
Bloomberg reports that the billionaire CEO, Elon Musk, made the purchase on March 14th, and he is now one of the largest shareholders at Twitter. Elon Musk now has a 9.2% stake in Twitter, while Jack Dorsey, the founder of Twitter owns 2.25%. Twitter’s stock went up by 25% in pre-market trading to $49.09.
CNBC says that Musk’s Twitter stocks are worth about $2.89 billion, based on Friday’s closing prices. Musk’s shares are classified as passive stakes, which means that it’s a long-term investment, and Musk does not seek to profit from short-term price fluctuations and market timing. The stake also gives the billionaire a chance to shape the future of Twitter, and Musk has already made a poll on Twitter about free speech.
The following day, Musk tweeted that “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?” Given the question was asked after purchasing the stake in Twitter, it’s clear that Musk might not want a new platform, as suggested, but make some changes to it.
How will this affect you?
It’s hard to tell how this will affect Twitter users, but most of the same things should remain for the time being. It’s possible that Musk’s purchase might help the company introduce a few new policies, but it’s hard to tell and predict what may change. Elon Musk has used his Twitter account to promote his Tesla and SpaceX companies in the past, and it's one of the most effective ways for him to boost the reputation of his companies, given that Tesla has no official marketing budget whatsoever.
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