Elon Musk suggested at one point that he was considering launching his own social media platform (which he could still do), but in the meantime, he decided to buy a piece of Twitter. Last Friday, the founder of Tesla bought almost 74 million shares of Twitter, for a total of 2.89 billion dollars, giving him almost a 10% share in the company.
Shares of Twitter jumped from about $39.30 on Friday to a maximum of $48.60 earlier today, an increase of nearly 26 percent. The news that Musk is now the main shareholder of Twitter came thanks to the regulatory submission that was submitted today.
Musk is not the typical billionaire, he does not have an extensive investment portfolio like all other big names in the high business. He invests most of his money in Tesla but also owns part of SpaceX, as well as Neuralink and The Boring Company.
With a 9.2 percent stake in Twitter, Musk is becoming the largest investor in the platform, with four times more stake than Jack Dorsey, the founder of Twitter. Dorsey stepped down as CEO in November last year, replaced by Parag Agrawal, who says he is committed to increasing accountability on Twitter and is also there to help the company reach $7.5 billion in annual revenue as well as a 315 million user base by the end of next year.
We don’t know how Elon Musk will influence this strategy, but since he is now the company’s largest single shareholder, he will probably want his word to be heard when it comes to strategy. Based on some older posts and comments he made on Twitter and about Twitter, the notion of freedom of speech seems to be a key priority for Mask, who has expressed his criticism of Twitter in the past, although he has not yet announced any plans.