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Wednesday, September 28, 2022

Elon Musk purchased 9% stake in twitter for $2.9 Billion

The World’s richest man Elon Musk, CEO of Tesla, has purchased a 9% stake in Twitter to become the social media platform’s largest shareholder.

Elon Musk have purchased 73.5 Million shares in Twitter that are valued $2.9 Billion. However, Musk, who has 80 million Twitter followers and frequently tweets on the platform, has recently questioned free speech on Twitter and whether the platform is undermining democracy.

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Musk is described in a regulatory filing on Monday as a long-term investor who wants to minimize his buying and selling of shares.

He has also considered launching a competing social media network, and industry analysts are skeptical that the mercurial CEO will stay on the sidelines for long. Donald Trump have already started his own social media platform named “Truth”.

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Twitter shares were last up 28.49% in at $50.51 in pre-market trading following the news. Based on Friday’s market close, the stake is worth about $2.89 billion.

The world’s richest man bought nearly 73.5 million shares, a document filed with the US Securities and Exchange Commission shows.

Elon Musk has been critical of the social media platform and its policies of late. He has said the company is undermining democracy by failing to adhere to free speech principles.

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Recently, Elon Musk had said in tweets that he is giving serious thought to creating a social media platform because Twitter is “failing to adhere to free speech principle.”

Elon Musk recently tweeted, “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,”.

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