Elon Musk, CEO of Tesla has purchased 9.2 percent of Twitter, despite his criticism of the social media company’s content moderation procedures. When Elon Musk considered taking Tesla private in 2018, he announced it on Twitter. In 2016, he proposed an underground tunnel system to alleviate the “soul-destroying” congestion while trapped in traffic. Last month, he challenged Russian President Vladimir Putin to a one-on-one fight, which he streamed on Twitter. Mr. Musk is now backing up his words with action.
According to a regulatory filing with the Securities, Mr. Musk, the billionaire CEO of Tesla and SpaceX and the world’s wealthiest person, purchased a 9.2 percent share in Twitter, the social media site where he has over 80 million followers Exchange Commission, on March 4, 2022. As a result, Mr. Musk seems to be Twitter’s top shareholder, surpassing Vanguard’s 8.8 percent position and dwarfing Twitter’s former CEO Jack Dorsey’s 2.3 percent stake.
According to the closing price of the company’s stock on March 1, 2022, Mr. Musk’s Twitter stake, which he has been building up since last month, was worth $2.89 billion. However, by the end of Monday, afterword of his buy-in drove Twitter’s stock price to jump by more than 27%, the company was valued at $3.7 billion. Mr. Musk’s claimed net worth of $270 billion is a fraction of the stock price.
He was reticent about purchasing the company’s shares, at least at first, despite his proclivity for discussing everything on Twitter, from business ideas, insults, and jokes to, this past weekend, his experience at a famous Berlin nightclub.
To read more articles from Business Cloud, Please Click Here!
