Elon Musk buys 9.2% stake in Twitter (TWTR), becoming its largest shareholder
Elon Musk has become Twitter's largest shareholder after complaining about the platform's censorship.
Elon Musk is one of Twitter’s most infamous users. Whether he’s influencing the crypto market, sharing news about Tesla and SpaceX, or chiming in on the latest political or social controversy, Musk is a major player in that space. He’s also been a critic of the platform’s moderation, speaking about how it doesn’t uphold the first amendment rights of users. Now, Musk may be looking to take matters into his own hand, as he’s acquired a 9.2 percent stake in Twitter (TWTR), making him the company’s largest shareholder.
It was on April 4, 2022 that we learned Elon Musk had acquired a hefty 9.2 percent stake in Twitter earlier this morning. Though Musk did not disclose how much in total he paid for the shares, CNN Business states that it would have cost him in the neighborhood of $2.9 billion USD. Twitter (TWTR) stock soared on the news of Musk’s acquisition, jumping 22 percent in value.
Is a new platform needed?
— Elon Musk (@elonmusk) March 26, 2022
Though Elon Musk has yet to release an official statement or share his motivations behind the huge purchase, we can connect the dots by looking at his recent activity on the platform. On March 25, he ran a Twitter poll in which he asked, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” More than 2 million Twitter users responded to the poll. The following day, he posted a follow-up tweet to the poll, which 75 percent of users had voted “no” on, to ask what should be done about the issue. The acquisition of 9.2 percent of the company’s stock was certainly no coincidence.
It’s important to keep in mind that although Elon Musk is now Twitter’s largest shareholder, he doesn’t own the company. That said, there’s strong potential for him to be an influence over Twitter’s business in the future. As we continue to keep up with the changes happening at Twitter, stick with Shacknews.
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replyDonovan Erskine posted a new article, Elon Musk buys 9.2% stake in Twitter (TWTR), becoming its largest shareholder
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I think the GME/AMC stuff further proved that point.
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to be fair Elon has demonstrated far better business acumen with multiple companies than any of Twitter’s leaders ever have with that product
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Elon Musk has already made ~$750 million on his Twitter trade, which is approximately double Twitter’s net income for the last 3 years.
https://mobile.twitter.com/benthompson/status/1511002825232642050
Jack and Twitter management has been bad at their job forever.-
That's because Elon Musk's business acumen in this space is built on memes and speculation...nothing actually tangible.
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everyone understands how stocks work
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Personally, I think the whole "he actually doesn't have anything until he sells" line obfuscates things in an asinine way, to the rich person's benefit.
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People being dumb about their personal finance seems like a totally unrelated issue here. I think the point is (IMO) people use the line about stock "being worthless until you sell" to try and downplay how absurdly rich a man making these kind of massive moves in the stock market is.
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Today Elon could cash out his one day old Twitter shares for higher profit than Twitter the company has made themselves over multiple years. This is a simple fact. Saying 'actually Elon only makes money from selling shares when he sells shares' is not some clever point.
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he wouldnt get the current price but he would probably be still ahead. just how pump and dumps usually work. especially if he did it more subtly over time
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right, it's a statement without any value
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do some tweets to try to depress its value before you get in on it
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