Musk Now Owns 9.2% Stake in Twitter and becomes a major shareholder

According to a Securities and Exchange Commission (SEC) 13G report issued Monday, Musk holds 73,486,938 shares of Twitter, representing a 9.2% passive ownership in the firm. Based on Twitter’s price at Friday’s market close, the stake is worth $2.89 billion.

Elon Musk, the CEO of Tesla, bought a substantial interest in Twitter, making him the social media business’s largest outside stakeholder, not long after denouncing the company for failing to maintain the fundamentals of free speech.

The purchase comes less than two weeks after Musk chastised the company on Twitter, asking followers whether it upholds free speech values.

On Twitter, Musk polled his more than 80 million Twitter followers last month, asking if the company adhered to free speech ideals. He inquired if a new platform was needed after more than 70 percent responded no. Musk then hinted that he was considering creating a new social media platform.

According to analysts, Musk appears to be more interested in altering Twitter from within. While holding 9.2 percent of Twitter does not give him complete control over the firm, it does give him the ability to influence future choices. It also offers the possibility of a future buyout.

Musk’s major means of communication with the general public is Twitter, which he uses multiple times a day. He is one of the most well-known Twitter users, and has a history of getting into controversy on the platform. The CEO is attempting to get out of a 2018 agreement with the SEC that imposed restrictions on his tweeting about the electric vehicle company.

On Aug. 7, 2018, Musk announced that he had “financing secured” to take Tesla private at a price of $420 per share. For Musk and Tesla shareholders, the year after that tweet was a roller coaster. The corporation set performance records during that time, but it also had to cope with litigation, government investigations, and layoffs. Musk also struck a deal with the Securities and Exchange Commission, which saw him removed from his position as chairman of Tesla.

(Photo/ Credit : rafapress)

Image Wikimedia

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