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Elon Musk Becomes Twitter’s Largest Shareholder After Purchasing a 9.2% Stake Worth Around $3 Billion

Tesla and SpaceX CEO Elon Musk has snapped up a huge portion of the social media platform Twitter, according to a regulatory filing filed on Monday.

The billionaire purchased a 9.2% passive stake of the micro-blogging site, after buying around 73.5 million shares, which is worth around $2.89 billion. This makes him the company’s single largest shareholder. Following the purchase, Musk now has a huge stake of Twitter, which is almost four times bigger than that of former CEO and co-founder Jack Dorsey, who currently has a 2.25% stake of the company.

Along with that, Twitter has seen a massive rise in value as well, as Bloomberg reported that the company has seen a 26% in premarket trading.

It’s unclear what Musk’s plans are with Twitter, since he has purchased a passive stake of the company, which states that the billionaire has no interest in running or handling its affairs. However, at the same time, it’s very likely that he might be looking to purchase more shares to take over the company itself, which currently has a market cap value of around $32 billion.

Musk has been quite vocal about his displeasure with the platform to the point where he has even asked his massive fanbase in a Twitter poll on whether or not the company allowed users to practice free speech.

A significant amount of his fanbase responded with no to which Musk replied by asking a question on whether a new platform, which allowed free speech was necessary. This set off a chain of rumors on Musk potentially developing his own social media platform, where users can speak their mind.

However, with this recent purchase of Twitter shares, it seems like Musk isn’t planning on creating any other social media platform, and it will be interesting to see how Twitter will fare in the coming months.

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