Boom: Elon Musk Just Became Twitter's Biggest Shareholder
Welp, I think this qualifies as BIG breaking news: #ElonMusk just became the largest shareholder in the most depraved social media platform on earth.
Here’s an excerpt from that story at Newsmax:
Tesla Inc Chief Executive Officer Elon Musk has built a 9.2% stake in Twitter Inc , a regulatory filing showed on Monday, potentially making him the biggest stakeholder in the micro-blogging site.
Twitter shares soared 26% in premarket trading after the filing, which comes close on the heels of Musk tweeting that he was giving "serious thought" to building a new social media platform.
Shares of other social media firms, including Meta Platforms and Snapchat owner Snap Inc, were also trading higher.
Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock's Friday close. The shares are held by the Elon Musk Revocable Trust.
Musk, a prolific user of Twitter, has over 80 million followers on the site since joining in 2009 and has used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him in regulatory scrutiny.
This move comes on the heels of a series of tweets Musk has sent in recent weeks lamenting Twitter's intentional abandonment of free speech principles, and asking his followers to comment on ways he might go about trying to correct that dangerous situation. Many suggested he just buy Twitter outright - he certainly has the means to do so - or create a competing platform.
Apparently, Musk plans to work to affect change via the influence he will now wield as the company's biggest shareholder. When the world's 1st or 2nd-wealthiest individual becomes your biggest investor, your management team has little choice but to pay attention to him. Shareholder activism at its finest.
Elon Musk is a visionary asset to American society.