Elon Musk, Becomes Twitter's Biggest Shareholder, With $2.9 Billion Stock Purchase.
Tech billionaire Elon Musk has purchased a huge $3 billion stake in Twitter.
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Tech billionaire Elon Musk has purchased a huge $3 billion stake in Twitter.
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'The Guardian' reports that Musk had indicated interest in building his own social media platform just last week.
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According to filings made with the U.S. Securities and Exchange Commission, Musk now owns a 9.2% stake in Twitter.
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Comparatively, that is over four times the 2.25% stake held by Twitter founder Jack Dorsey.
Comparatively, that is over four times the 2.25% stake held by Twitter founder Jack Dorsey.
Musk is one of Twitter's top 10 most popular users in the world with over 80 million followers on the platform.
Musk is one of Twitter's top 10 most popular users in the world with over 80 million followers on the platform.
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, Dan Ives, Analyst at Wedbush Securities, via 'The Guardian'.
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, Dan Ives, Analyst at Wedbush Securities, via 'The Guardian'.
'The Guardian' reports that after news of Musk's purchase broke, shares in Twitter rose as much as 26% in pre-market trading.
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The jump added over $8 billion to the $31.5 billion market value of the microblogging site.
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According to 'The Guardian,' that almost immediately increased the value of the shares purchased by Musk to approximately $3.6 billion.
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Musk has amassed a personal fortune of about $289 billion, almost $100 billion more than the world's second richest man, Amazon founder Jeff Bezos.
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Musk has amassed a personal fortune of about $289 billion, almost $100 billion more than the world's second richest man, Amazon founder Jeff Bezos.
