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Elon Musk’s $2.9B Twitter stake makes him social media giant’s largest shareholder

Elon Musk Net Worth 2022
Elon Musk Net Worth 2022

On Monday billionaire investor Elon Musk criticized Twitter to his 80 Million followers as failing to adhere to free speech principles, disclosed that he has acquired a significant stake in the company.

The move makes Musk Twitter’s largest shareholder.

The Tesla and SpaceX CEO, the world’s richest man, worth $273 billion, owns 73,486,938, or 9.2%, shares of Twitter, a Schedule 13G filing with the Securities and Exchange Commission shows. Musk made the purchase on March 14, according to the SEC document.

 

The holding’s worth stands at around $2.9 billion based on Friday’s $39.31 stock closing price.

Musk’s massive stake shot Twitter shares toward a five-month high. They were up by 26.2% to $49.30 in pre-market trading by 7 a.m. EDT Monday, and $47.86 by 9 a.m. EDT.

 

It puts Twitter on track to open at its highest levels since mid-November, according to MarketWatch.

 

Musk’s disclosure comes after tweeting a March 25 poll to his followers asking if Twitter “rigorously” abides by the principle of free speech as an essential part of a functioning democracy.

“The consequences of this poll will be important,” the business magnate wrote in a follow-up tweet. “Please vote carefully.” Over 70% of his 2 million respondents replied, “no.”

Musk has had previous issues with the SEC over his use of Twitter. After he tweeted in 2018 that he was “considering taking Tesla private at $420” per share, the SEC charged Musk with misleading investors.

 

As part of a settlement with the SEC, Tesla had to approve any of its CEO’s tweets that could affect the company’s stock price.

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