Elon Musk acquires 9.2% stake in Twitter, worth over $3 billion
By Team Newsable | First Published Apr 4, 2022, 4:54 PM ISTAccording to a statement filed with the US Securities and Exchange Commission, the world's richest man purchased almost 73.5 million shares.
Elon Musk has purchased a 9.2 per cent stake in Twitter Inc., making him the platform's largest shareholder, only a week after warning that he would shake up the social media business. Twitter shares rose almost 26% in premarket trade following the regulatory filing revealing Musk's purchase of the position on Monday. Based on Friday's market closing, the stake is worth around $2.89 billion.
Musk is one of the most well-known Twitter users, and he has a history of getting into controversy on the network. The Tesla Inc. CEO is presently attempting to get out of a 2018 agreement with the US Securities and Exchange Commission that limited his Twitter statements on the electric vehicle company.
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According to a statement filed with the US Securities and Exchange Commission, the world's richest man purchased almost 73.5 million shares. Musk, a frequent Twitter user, has recently criticised the social media network and its restrictions. He claims that the firm is hurting democracy by violating free speech norms.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
This comes only days after Musk stated that he is "seriously considering" creating a new social media site. Previously, Musk had sent out a tweet in which he asked followers if they believed Twitter adhered to the idea of free expression.
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Musk has stated in tweets that he is seriously considering launching a social media network since Twitter is "failing to adhere to the free speech ideal."
Twitter is under pressure to develop new things more quickly. To persuade sceptics that it was serious about growing its business, the corporation established lofty revenue and user growth targets. While Twitter has been gradually growing for years, its stock has lagged behind others in the sector.
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