According to a US securities filing, Elon Musk has acquired a 9.2 percent share in Twitter.Twitter shares soared more than 27 percent in New York trade on Monday as a result of the news.
According to the Securities and Exchange Commission, Tesla‘s CEO owned 73,486,938 shares in the social networking site as of 14 March. Based on Twitter’s closing price on Friday, the stake is worth $2.89 billion (£2.2 billion).
It makes him the company’s largest stakeholder, with more than four times the 2.25 percent stake held by Twitter founder Jack Dorsey. Mr Musk is a frequent Twitter user with over 80 million followers, but he recently stated that he is giving “serious thought” to developing a new social media network.
Elon Musk asked his followers late last month if they believed the social media site fostered free expression. “A successful democracy requires free expression. Do you think Twitter strictly conforms to this principle?”
“Does a new platform need to be built?” he inquired. Elon Musk frequently uses Twitter to convey information about the companies he controls, such as SpaceX and Neuralink. He is also known for posting memes, which adds to his fan base.
However, some posts have sparked debate. Last year, he tweeted in response to a claim made by the president of the United Nations World Food Programme (WFP) that only 2% of Mr Musk’s fortune could assist to end world hunger.
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