Connect with us

Hi, what are you looking for?


Elon Musk spent almost $3 billion to become Twitter’s biggest stakeholder

Tesla CEO Elon Musk has become Twitter’s biggest stakeholder after splashing almost $3 billion on shares. 73.5 million of them, to be precise.

The AP reports on a regulatory filing that was shared Monday, with Musk’s described as a “long-term investor looking to minimize his buying and selling of the shares.” However, despite Musk recently suggesting that he could start his own social network amid free speech concerns related to Twitter, one analyst now believes that he is just as likely to make a play for an “aggressive ownership role” at the social network.

“We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,” Dan Ives of Wedbush Securities said in a client note early Monday.

Musk’s stock buy saw Twitter’s price surge 20%.

Musk has long been a divisive figure on Twitter. With 80 million followers he is one of the most-followed people on the platform, but how he uses those followers has been a cause for concern. In 2018 Musk and Tesla agreed to hand over $40 million in civil fines resulting from his claim that he could take the company private — and had the cash to do so — at a price of $420 per share. Ultimately, it was discovered that Musk didn’t have the money ready at all. As a result, Musk now has to have his tweets checked by a corporate lawyer, notes the AP.

What this means for Twitter isnt clear right now, although Musk seems unlikely to be putting in quite so much money without expecting something in return. Friday’s closing share price has Musk’s new shares worth $2.9 billion. That’s a lot of money, even by Elon Musk standards.

Elon Musk now owns a 9% stake in Twitter.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); = id;
js.src = “”;
js.defer = 1;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

Advertisement. Scroll to continue reading.

var fbAsyncInitOrg = window.fbAsyncInit;
window.fbAsyncInit = function() {
if(typeof(fbAsyncInitOrg)==’function’) fbAsyncInitOrg();
appId: “291830964262722”,
xfbml: true,
version : ‘v2.7’

FB.Event.subscribe('xfbml.ready', function(msg) {   // Log all the ready events so we can deal with them later
  var events ='ready-events');
  if( typeof(events) === 'undefined') events = [];

var fbroot = $('#fb-root').trigger('facebook:init');


Click to comment

Leave a Reply


Online Business Success

Growth is something every business wants to achieve — but there’s no denying that some businesses are a lot better at it than others....

Loan And Finance

NIG – Create the right soulutions for your clients – Skyscraper live 24 May 2022 Source link

Loan And Finance

NIG – Create the right soulutions for your clients – MPU live 24 May 2022 Source link

Top Stories

Crypto derivatives exchange and nonfungible token (NFT) platform FTX is reportedly in the market for brokerage start-ups as part of its recently announced plans...

Loan And Finance

MS&AD Insurance Group Holdings, the parent firm of MS Amlin, has revealed its business results for the year ended March 31, 2022....

Top Stories

It’s been two weeks since the shock of the TerraUSD (UST) depegging, but the long waves of this event are still coming in. The...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...