Elon Musk Becomes Largest Shareholder of Twitter
Twitter Shares Jump 26% After Elon Musk Cuts Large Stake for Himself
By purchasing 73.5 million shares worth around $3billion total, Tesla CEO Elon Musk now owns a 9.2% passive stake in the company. Giving him potential leverage should he choose to use it.
Only thing is, according to Securities and Exchange filing Monday, Musk bought the shares on March 14, describing him as a long-term investor looking to minimize his buying and selling of the shares. That means that Musk acquired the shares before beginning his public discourse on the First Amendment and Twitter.
Does he plan on making changes?
Hard to say, though if his conversations on Twitter are anything to go off of, it’s probably safe to say he’s up to something. Even if it’s more benign than expected.
It was only last week he teased starting a new social media sight to his followers.
Regardless, shockwaves from the recent procurement have already been felt across the market. With Twitter stocks surging 26% since the announcement on Monday and up over 50% since the initial purchase on March 14. A huge change considering the Company spent the entire year prior in free fall due to being unable to properly monetize the site.
Even last November founder/CEO Jack Dorsey left the site. Recently admitting regret towards his role in corporatizing the internet.