Report: Elon Musk Buys 9% Of Twitter Stock; Owns More Than Former CEO Jack Dorsey

Report: Elon Musk Buys 9% Of Twitter Stock; Owns More Than Former CEO Jack Dorsey

According to a US securities filing, Elon Musk has acquired a 9.2 percent share in Twitter. Twitter’s stock soared over 25% in pre-market trade as a result of the announcement. According to the Securities and Exchange Commission, the Tesla founder purchased 73,486,938 Twitter shares on 14 March.

The stake is worth $2.89 billion, based on Twitter’s Friday closing price. This makes him one of the company’s major stockholders, more than four times the 2.25 percent interest held by Twitter founder Jack Dorsey.

Musk is a frequent Twitter user with over 80 million followers, yet he recently stated that he is “seriously considering” developing a new social media network. Musk also asked his followers late last month whether they believed the social media site promoted free expression.

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“Freedom of expression is necessary for a democracy to function properly. Do you believe Twitter adheres to this policy to the letter?”

He frequently uses Twitter to disseminate information about his enterprises, which include SpaceX and Neuralink. He is also known for posting memes, which contributes to his fan base’s popularity.

 

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However, certain posts have sparked controversy.

He tweeted last year in response to a claim by the president of the United Nations World Food Programme (WFP) that 2% of Mr Musk’s fortune could help end world hunger.

Mr Musk stated in October that he would sell $6 billion in Tesla stock and donate funds to the WFP if the organization could articulate “just how $6 billion will end world hunger.”

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Mr Musk’s Tesla auto company surpassed the $1 trillion mark last autumn, becoming the fifth such corporation to do so, following Apple, Microsoft, Amazon, and Google owner Alphabet.

Soon afterwards, he resorted to Twitter to solicit feedback on whether he should sell a 10% stake in the electric carmaker.

Over 3.5 million Twitter users voted, with roughly 58 percent voting in favor of the share sale, which resulted in Musk selling approximately $5 billion worth of company stock in November.

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