Elon Musk Now Owns Over 9% of Twitter Shares

Elon Musk Now Owns Over 9% of Twitter Shares

(RepublicanPress.org) – Fortune recently reported that the collective wealth of the world’s richest 10 individuals more than doubled to roughly $1.5 trillion during the pandemic. Nevertheless, there’s money to be had, and billionaires like Elon Musk continue to invest. However, it looks like Musk might just have grander goals in mind for a popular social media platform.

A March 14 Securities and Exchange Commission filing by Musk revealed he purchased more than 73 million shares of Twitter common stock. With a 9.2% stake in the company, Musk’s purchase makes him the social media platform’s largest shareholder. Putting this in context, Twitter founder Jack Dorsey only owns about 2.25%.

Musk’s Twitter stake was worth roughly $2.89 billion, according to market closing figures released on Friday, April 1. However, according to Bloomberg News, Twitter shares rose as much as 27% on Monday, after media outlets reported Musk’s stock purchase.

The news comes after a recent poll he posted online regarding Twitter and free speech. However, he posted it over a week after filing SEC documents reporting his stock purchase.

A day after reports came out about Musk’s new stock in Twitter, it was revealed that he’d be joining the company’s board of directors. Replying to a tweet from Twitter Chief Executive Parag Agrawal, he indicated he was looking forward to helping the board make “significant improvements.” What kinds of changes do you think Musk will help bring to the platform?

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