According to the latest news, Elon Musk buys Twitter. A regulatory filing revealed on Monday that Elon Musk has built a %9.2 stake in Twitter Inc, potentially making him the company’s largest shareholder.
Elon Musk buys Twitter, at least a part of it
Twitter’s stock price jumped 26 percent in premarket trading shortly after the filing, following Musk’s declaration that he was giving “significant consideration” to creating a new social media platform.
Other social media companies, such as Meta Platforms (FB.O) and Snapchat owner Snap Inc (SNAP.N), have also seen gains.
Elon Musk owns a passive position in Twitter worth up to $2.9 billion based on the stock’s Friday close. The Elon Musk Revocable Trust is the owner of the shares.
Elon Musk, a frequent user of Twitter who joined in 2009, has over 80 million followers and has used the platform to make various statements, including suggesting that Tesla might go private.
The social networking site has, nevertheless, come under fire from him lately and he’s gone on record to claim that the firm is subverting democracy by disregarding free expression standards.
Meanwhile, Musk and Twitter’s billionaire co-founder, Jack Dorsey, have similar views on disregarding the so-called “Web3.” It is a phrase used to describe a version of the internet that is decentralized.
Who is Elon Musk?
Elon Musk is the CEO of Tesla, SpaceX, and The Boring Company.
TWTR share price
After Elon Musk buys Twitter, TWTR share price has experienced a rise. Per TWTR share is valued at $49.5400 according to Marketwatch, at the time of writing.