Elon Musk Becomes Twitter’s Largest Shareholder
Twitter Inc. said on Tuesday it would name top shareholder and Tesla Chief Elon Musk to its board, a day after the billionaire disclosed a 9.2% stake in the social media company.
The microblogging hints that Musk will serve as a Class II director, with the term expiring at Twitter’s 2024 annual meeting of stockholders.
A few days ago, Elon asked his Twitter fans if the platform adheres to free speech. Now, he’s Twitter’s largest shareholder. Hey, if you can’t beat ‘em, buy ‘em”.
Tradingview analyst said Elon Musk spent around $3 billion on a 9.2% stake in Twitter, meaning he now owns 4x more shares than co-founder Jack Dorsey.
The purchase comes only a few days after Elon asked his Twitter followers how they rate Twitter’s algorithm and whether it should be more open source, even considering making his own social media platform.
The filing says Elon will be more of a passive investor, which means he has no plans to try and control the company. But let’s be real, this is Musk we’re talking about – he’s hardly a passive dude, so it’s likely he’s gonna have a pretty big say in the future of Twitter.
The United States Securities Exchange Commission (SEC) is far from an Elon fan, according to analyst. “So, let’s see what it does with this news”.
Twitter prices catapulted 27% on Monday, marking the stock’s biggest one day gain since its IPO debut in 2013 and taking prices to their highest levels since late November last year – maybe it’s all those fans thinking they’ll finally get an edit button, which Elon is already investigating.