Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020. Musk just announced a big purchase of Twitter stock.
Susan Walsh, Associated Press
Tesla CEO Elon Musk just bought nearly $3 billion in Twitter shares, becoming the company’s largest single shareholder.
Driving the news: A filing from the Securities and Exchange Commission released Monday announced that Musk now owns 73,486,938 shares of Twitter, which is about 9.2% of the company’s stake.
- That stake was worth about $2.89 billion at the end of the day Friday, per CNBC.
Worth noting: Twitter founder Jack Dorsey holds about 2.25% of the company’s stake, according to BBC News.
- This means Musk has more than four times the amount of stake compared to the company’s founder.
The bigger picture: Musk’s move to buy such a hefty share may be a sign he’s looking to overtake Twitter altogether.
- “Musk could try to take a more aggressive stance here on Twitter,” Wedbush analyst Dan Ives told CNBC on Monday. “This eventually could lead to some sort of buyout.”
- “This makes sense given what Musk has at least been talking about, at least from a social media perspective,” Ives said.
Flashback: In late March, Musk asked his followers whether Twitter promoted free speech.
What he said: “Free speech is essential to a functioning democracy,” he wrote.
- “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he added.
- He then asked: “Is a new platform needed?”
Did Elon Musk buy Twitter? Here’s what happened
Source: Gabriella Pinoys
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