Tesla and SpaceX CEO Elon Musk has bought a major stake in the social media giant twitter, making it the company’s largest outside shareholder. The development comes a week after Musk said it was “I think seriously” Launch of a new social media network in a competition similar to Twitter and Facebook.
Twitter is one of the largest social networks in the world, with more than 200 million daily active users and revenue of $5.1 billion as of December 2021. The company was founded by Jack Dorsey, who has also been the CEO since 2015. Dorsey resigned as CEO of No. 2021 and Parag Agarwal took office.
In the United States Securities and Exchange Commission (SEC) published Monday, Musk revealed that he had purchased 73,486,938 shares of Twitter, representing 9.2% of the company. According to CNBCThe stock is worth $2.89 based on Friday’s closing price, although the company’s stock price rose in early trading Monday following the news. Meanwhile, the report also says that while Musk’s shares are classified as passive participation, the purchase could lead to a buyout, although there’s no clarity on that at this time. Wedbush analyst Dan Ivis said passive participation could eventually lead to active participation in the company, allowing Musk to train. “A more aggressive ownership role (on Twitter.”)
Musk has more Twitter than Jack Dorsey
While Musk now owns nearly 10% of Twitter, the company’s best-known former CEO and co-founder, Jack Dorsey, reportedly owns just 2%. Bloomberg† Additionally, Musk is the sole trustee of the Elon Musk Revocable Trust that holds his shares in Tesla. Interestingly, even when Musk bought Twitter, he’s been selling his Tesla stock since last year, and is estimated to have sold about $16.4 billion worth of Tesla stock in the past few months.
Musk is known to be unhappy with Twitter’s restrictive policies and said he was considering launching a new social media platform last week. His tweet was addressed to one of his Twitter followers, who asked if he was considering creating a new social media platform with an open source algorithm. Before his explosive disclosure, Musk criticized Twitter and its policies, saying the company does not support free speech in its true form. twitter It has a strict policy against hate speech and regularly removes posts it deems hateful.
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
