Elon Musk Is Now A Majority Shareholder In Twitter After Purchasing 9.2% - Worth $2.9 Billion
By Ben Abrams x The Big Magazine
Elon Musk just Bruce Wayned again, purchasing 9.2% of Twitter stock, making him the majority stakeholder in the social media giant, Twitter.
According to a document filed with the US Securities and Exchange Commission (SEC), the South African-born billionaire acquired nearly 73.5 million Twitter shares — a 9.2 per cent stake in the company.
The Tesla and SpaceX founder did not disclose how much he paid for the shares, but the news of the purchase sent Twitter shares soaring at 26% (at about $49) in premarket trading, making Musk's stake worth an estimated $2.5-$3.5 billion after the spike. Investors responded quickly.
While a stake of less than 10% will be considered “passive” by Wall Street, it may mean that Elon is looking to take a significant role in how Twitter operates.
Musk launched a poll on Twitter on March 25, saying “free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”
More than two million people voted in the poll, with over 70 per cent saying “no.” “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?” he continued the next day. “Is a new platform needed?” “Just buy Twitter,” was one of the first responses from tens of thousands of users.
As a result of the Twitter buy, Dogecoin (DOGE/USD) outpaced all the major cryptocurrencies, climbing almost to its highest levels in two months thanks to the publicity boost of the purchase from Musk.
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