Elon Musk buys a 9.2% stake in Twitter, joins the company’s board of directors



A filing with the United States Securities and Exchange Commission (SEC) has revealed that the CEO of Tesla and SpaceX has bought a 9.2% stake in Twitter, Inc. (NYSE: TWTR). The purchase of 73,486,938 common stock of Twitter makes Elon Musk the largest individual shareholder of the company.

On 25th March 2022, Elon Musk conducted a poll on Twitter asking “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”. “The consequences of this poll will be important. Please vote carefully,” he further stated.

Tesla Accessories by EVANNEX.
– Sponsored –

Musk has more than 80 million followers on Twitter and this poll received more than 2 million votes. As we can see above, 70.4% of users voted that Twitter does not adhere to the principle of Free Speech. However, many commenters in the poll’s thread suggested Elon Musk to acquire Twitter, but no one knew he has bought a big chunk of Twitter already.

Looking at the SEC filing (PDF below), we can see that Elon Musk had purchased Twitter shares on 14th March (date of event), more than a week before he started the poll on Twitter.

Elon Musk just filed the purchase of Twitter shares yesterday (4th April), thus making the information public. This resulted in the rallying of Twitter (TWTR) shares on the stock market.

A Twitter share was priced at $39.30 at market close on Friday (1st April) and on market close on Monday yesterday, it climbed to $49.97 a share, a whopping 27.13% increase in a single day of trading.

According to the SEC filing, Elon Musk bought Twitter stock on 14th March 2022, when the price of a Twitter share was $33.03. So, by buying 73,486,938 shares of Twitter, Elon Musk spent a total of $2,427,273,562 or $2.427 billion for this hefty purchase (Source: SEC).

– Advertisement –

SEC filing: Elon Musk buys … by Iqtidar A

This news not only influenced the share price of Twitter but Tesla (TSLA) shares were also impacted. On Friday at market close, a Tesla share was trading at $1,084.59 USD and when markets closed on Monday yesterday it jumped to $1,145.45 a share — an increase of 5.61%.

Related: Tesla is aiming for another stock split this year pending shareholders’ approval

Twitter co-founder Jack Dorsey who left the position of CEO of the company in November last year, has expressed that centralization and control of the corporations has damaged the internet.

The coming weeks and months will clarify how Elon Musk can really influence Twitter policies and how and if the social media platform is really ready for the change Musk is willing for (free speech, democracy, and decentralization).

Update: Twitter CEO Parag Agarwal has announced that Elon Musk has officially joined the company’s board of directors.

“He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon,” Parag tweeted a welcome message for Elon Musk

“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months,” Musk responded to the official announcement.

Let us know your thoughts in the comments section below.

Related: Tesla (TSLA) scores 7th consecutive record quarter (Q1 2022), announces easter egg earnings call date

Stay tuned for more Elon Musk news, and videos. Follow us on:
Google News | Flipboard | RSS (Feedly).

Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

Latest News

Tesla Cybertruck is Oracle’s next-gen police car, unveiled at CloudWorld 2023 by Larry Ellison

Co-founder and CTO of Oracle Corp Larry Ellison unveiled the company's next-generation police car in his CloudWorld 2023 keynote....

Elon Musk takes Benjamin Netanyahu for a Cybertruck test drive, after a discussion on the future of AI and freedom of speech (videos)

Tesla (TSLA) Fremont, California — the Prime Minister of Israel Benjamin Netanyahu visited the car factory and met with...

Tesla update 2023.32.4 improves the clarity of Autopilot cameras, Model X Falcon Wing doors get new Service Mode release notes, more

Tesla's latest over-the-air (OTA) software update version 2023.32.4 has brought subtle but marginal improvements. Although the release notes for this...

Tesla Model 3 Highland spotted in Shanghai with Model 3+ badging, Tesla ships thousands outside China (videos)

A Tesla Model 3 Highland (2nd-gen) was spotted roaming the streets of Shanghai, China yesterday. This black Model 3...
- Advertisement -

Starship, OLM, and Mechazilla get thousands of upgrades in preparation for the 2nd orbital flight test, FAA holds approval, Starbase updates

SpaceX shared the details of the upgrades that have been made on the road to Starship's next orbital flight...

Starbase update: SpaceX conducts 2nd static fire test on Booster 9, Starship factory expands, Mid Bay demolished, more

Starbase, Texas: SpaceX has been intensely busy in preparation for the next Starship orbital flight since the 1st static...

Starship Booster 9 static fire served as a test bed for the new OLM water deluge system

SpaceX performed a static fire test on its Starship Super Heavy Booster 9 rocket yesterday. This test was performed...

Tesla Tips & Tricks

Even red wine doesn’t stain Tesla white seats (video)

Tesla's futuristic white interior option is the most popular...

Popular Stories

- Advertisement -

You might also likeRELATED
Recommended for You