Elon Musk Acquires 9.2% Stake In Twitter

Topline

Tesla CEO Elon Musk has acquired a 9.2% stake in Twitter, the social media giant disclosed In an SEC filing on Monday, a move that comes weeks after the billionaire accused Twitter of failing to adhere to free speech principles.

Elon Musk has acquired a 9.2% stake in Twitter.

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Key Facts

In its regulatory filingTwitter said Musk purchased around 73.4 million common shares in the social media platform.

The disclosure has led to a 25% surge in Twitter’s share price in pre-market trading at 7:15 am ET on Monday.

This acquisition would make Musk the company’s largest shareholder, nearly four times the size of founder Jack Dorsey’s 2.25% stake, the Financial Times notes.

Big Number

2.89 billion. That’s how much Musk’s Twitter stocks were worth based on Friday’s closing price.

Key Background

Musk is yet to issue a public statement about the acquisition, but the billionaire previously indicated that he wanted to see changes at Twitter and even hinted at building a rival platform. On March 25, Musk conducted a poll on Twitter asking his followers if they believe that Twitter “rigorously adheres” to the principle of free speech, adding that the consequences of the poll will be important. After around 70% of 2 million Twitter users voted “No,” Musk noted that Twitter was the “de facto public town square” and alleged that it was failing to adhere to free speech principles and undermining democracy in the process. In December, the billionaire posted a cryptic tweet Depicting the social media platform’s newly announced CEO Parag Agrawal as Stalin, while Twitter’s founder and former CEO Jack Dorsey was shown as being thrown into a river.

Tangent

With a net worth of $ 287.6 billion, Musk is currently the richest person in the world according to Forbes‘Real Time Billionaire’s List. Amazon founder Jeff Bezos sits in a distant second place with a net worth of $ 189.3 billion.