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Elon Musk is Officially Twitter’s Biggest Shareholder

Musk’s love for Twitter is old news, but him becoming Twitter’s biggest shareholder just came in! 

The platform’s shares skyrocketed after news that Tesla and SpaceX boss holds 9.2% stake. 

Less than two weeks after tweeting about the importance of free speech and asking if users agree that Twitter adheres to the principle, a document filed with the US Securities and Exchange Commission shows Elon Musk bought nearly 73.5 million Twitter shares.

In his tweet, Musk warned that the consequences of the poll would be important, and a day later, he turned to the Twitter community again to ask if a new platform was needed.

After it was disclosed that Tesla’s CEO acquired a significant stake in the social media company, Twitter’s shares soared toward the biggest gain in nearly six years. The TWTR stock has risen almost 29% in the past five days and currently stands at $50.87 (approximately £38.80).

TWTR stock | CyberCrew

At Friday’s closing price for Twitter’s shares, Musk’s 9.2% stake would be worth $2.89 billion (approximately £2.21 billion), but taking current prices into consideration, the stake is worth about $3.47 billion (approximately £2.65 billion). 

Tesla’s co-founder now has more than quadrupled the shares of Twitter’s founder Jack Dorsey, who owns 2.25%.

Musk is considered one of the most influential Twitter users. He’s managed to single-handedly influence a couple of cryptocurrencies prices with a single tweet.

Musk’s stake in Twitter is considered a passive investment, meaning he is a long-term investor looking to minimise his buying and selling of the shares.

Dan Ives, the Managing Director and Senior Equity Research Analyst covering the Technology sector at Wedbush Securities, wrote: “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”.

Mr Ives also told CNBC: “Musk could try to take a more aggressive stance here on Twitter. 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”.