Wednesday, June 19, 2024

Elon Musk Becomes Twitter’s Largest Shareholder

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Tesla CEO and iconoclast billionaire has bought a 9.2% stake in , making him the social giant's largest shareholder.

Musk is the world's richest man, with an estimated net worth of $267.3 billion. News of his decision sent Twitter shares soaring 26% in pre-market trading.

Musk's March 14th purchase, announced earlier today, came after criticizing Twitter's perceived lack of free speech.

reports:

Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to a Securities and Exchange Commission 13G filing released Monday. The stake is worth $2.89 billion, based Twitter's closing price Friday.

The purchase comes less than two weeks after Musk criticized the company, polling people on Twitter about whether it adheres to free speech principles. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted. “What should be done?”

Late last month, Musk also said he was considering building a new social media platform.