Elon Musk Becomes Twitter’s Biggest Outside Stakeholder
Looks like Elon Musk is making good on his promise to fight against Big Tech censorship.
Musk just bought 9.2% in Twitter stock – this makes him the largest outside stakeholder in the company.
FT: Elon Musk becomes Twitter's biggest shareholder after taking 9.2% stake in company
— Josh Caplan (@joshdcaplan) April 4, 2022
Twitter’s stock soared by more than 25 percent in pre-market trade on Wall Street Monday, after Tesla boss Elon Musk took a major stake in the social media company.
According to a document filed with the US Securities and Exchange Commission (SEC), Musk acquired nearly 73.5 million Twitter shares — a 9.2 percent stake in the company.
Based on Friday’s closing price of the company’s stock, the South African-born billionaire’s investment amounts to nearly $2.9 billion.
At 11:15 GMT, Twitter’s stock was trading at about $49, up by around 26 percent.
Outspoken Tesla CEO Elon Musk purchased a giant stake in Twitter that makes him the largest outside shareholder in the social media stock, not long after criticizing the company for failing to uphold the tenets of free speech.
Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to the Securities and Exchange Commission 13G filing released Monday. The stake is worth $2.89 billion, based Twitter’s closing price on Friday.
Twitter stock soared after the announcement.