Elon Musk becomes Twitter’s largest shareholder

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Elon Musk becomes Twitter's largest shareholder

Tesla CEO Elon Musk has purchased a 9.2% passive stake in Twitter. Here, passive stake means that investors do not actively participate in the operation of the company. Looking at it, Twitter founder Jack Dorsey’s stake in Twitter is only 2.25%.

Elon Musk buys 9.2% stake on Twitter

Elon Musk currently owns 73,486,938 shares on Twitter, Making him the largest shareholder of the company. At the closing price on Friday, Musk’s Twitter investment is worth about $ 2.89 billion.. Not surprisingly, Twitter’s share price rose about 26% in pre-market transactions after the announcement of its regulatory filing.

Musk bought shares in Twitter on March 14, three weeks ago, according to a regulatory filing issued by the US Securities and Exchange Commission. Development will take place four months after Jack Dorsey resigns as Twitter CEO. As you may know, former Twitter CTO Parag Agrawal has taken up his position and is now the CEO of Twitter.

In particular, Musk tweeted a poll last week asking followers if Twitter adheres to the principles of free speech. Of the total 2,035,924 votes, 70.4% voted “no”. Given the fact that the filing is March 14, this poll was conducted after Musk decided to invest in Twitter.

After seeing the negative results, Musk even asked if he needed a new platform the next day. “Given that Twitter is effectively acting as a public town square, if you don’t follow the principle of free speech, democracy is fundamentally undermined. What to do? A new platform? Do you need?reading Musk tweets.

So why do you think Musk invested in Twitter? Share your thoughts in the comments below.