5 Apr 2022
Elon Musk Unveiled 9% Stake on Twitter; Becomes its Largest Shareholder
The Index Today
On Monday, Elon Musk revealed he owned a 9.2% stake worth about $3 billion in Twitter Inc. This has made the Tesla CEO the biggest shareholder in the company which has spurred a present surge in its shares by over 27%.
According to Reuters, Musk, who is a prominent presence in the microblogging site with a follower count spanning 80 million, had previously tweeted that he was seriously contemplating creating a new social media platform after expressing his skepticism over Twitter’s commitment to freedom of speech.
He also created a poll asking Twitter users to voice their stance on the long-awaited ‘edit’ feature on the social media platform. Following this, Twitter CEO Parag Agrawal advised users to “vote carefully”.
General Hill Capital LLC’s Thomas Hayes contended, "It does send a message to twitter...having a meaningful stake in the company will keep them on their toes, because that passive stake could very quickly become an active stake."