In one document published on April 4, the regulator of the American Stock Exchange confirms that Elon Musk has acquired 9.2% of the shares of Twitter. With 73,486,938, the CEO of Tesla and SpaceX becomes the first shareholder of the social network.
Elon Musk owns 9.2% of Twitter shares
Elon Musk has been using Twitter for many years. He is also one of the most followed public figures on the platform with 80 million subscribers. His account is among the ten most followed on Twitter. He regularly announces big decisions for SpaceX and Tesla on Twitter. He has also been slapped on the knuckles several times by regulators for using the social network to ” to manipulate “ the financial markets. Today, he owns 9.2% of Twitter shares, the equivalent of 2.6 billion euros.
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The confirmation of this transaction, which was the subject of rumors last week, sent the social network’s stock skyrocketing. As of Friday’s close, the stock was about 25% above its usual price. The document, signed and dated April 4 by Elon Musk, says the stock purchase actually took place on March 14. It is specified that the boss of SpaceX and Tesla bought 73,486,938 shares in Twitter. However, two weeks ago, Elon Musk said on Twitter that he “was seriously considering the idea of creating his own social network”.
The billionaire wants to move the lines at Twitter
Indeed, for a few days, the billionaire seemed to want to put in place a strategy to challenge the current policy of the management of Twitter. On March 25, 2022, Musk launched a poll on Twitter and asked his followers about respect for freedom of expression on the platform. He wrote this: “Freedom of expression is essential to the functioning of democracy. Do you believe that Twitter strictly adheres to this principle? ». As you can see, the ” no “ won by more than 70% and it was from this observation that Elon Musk submitted the idea of developing his own social network.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Between launching a social network from scratch or buying back the shares of a platform that is already working very well, Elon Musk has probably made his choice. This review does not come out of nowhere. Social network founder Jack Dorsey has often criticized his own platform and suggested changes. Perhaps by becoming the majority, Elon Musk hopes to be able to shake things up at Twitter. In any case, this is what Dan Ives, an analyst at the investment bank Wedbush Securities, thinks, who explains that “This stake is surely the start of broader conversations with current Twitter executives”.