Elon Musk Is Now Twitter’s Largest Shareholder

Apr. 4, 2022

Tesla CEO Elon Musk has bought a 9.2% passive stake in Twitter. Here, a passive stake means the investor takes no active part in running the company. To put that in perspective, Twitter founder Jack Dorsey’s stake in Twitter is merely 2.25%.

Elon Musk Buys 9.2% Stake in Twitter

Elon Musk now owns 73,486,938 shares in Twitter, making him the company’s largest shareholder. As of Friday’s market closing price,Musk’s stake in Twitter is worth almost $2.89 billion. Unsurprisingly, Twitter’s share prices raised about 26% in premarket trading after the regulatory filing was released.

According to the regulatory filing published by the US Securities and Exchange Commission, Musk purchased Twitter’s shares three weeks before on March 14. The development comes four months afterJack Dorsey stepped down as Twitter CEO. As you might be aware, former Twitter CTO Parag Agrawal took his position and is now the CEO of Twitter.

After seeing the negative results, Musk even went on to ask if a new platform is needed the next day.“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done? Is a new platform needed?,”readsMusk’s tweet.

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

Subin writes about consumer tech, software, and security. He secretly misses the headphone jack while pretending he’s better off with the wireless freedom.