According to the regulatory filing, Elon Musk has bought a 9.2% stake in the popular micro-blogging platform Twitter. He bought the shares on March 14. Considering the stock prices on the day, his purchase was for around $2.4 billion. After the news broke, Twitter shares prices went up by 25% in pre-market trading. That means he already earned around $1.2billion in three weeks.
It also makes Elon Musk the largest shareholder in the company. It is worth noting that Twitter’s founder Jack Dorsey owns 2.25 only percent of Twitter.
As per reports, his investment in Twitter is a passive investment. He is looking for the ling term ownership to slowly build the wealth. Even if Musk is really active on Twitter, he has not made any statement about his reasons for buying the shares.
Musk is really active on Twitter with more than 80 million followers. He also recently raised questions about free speech on Twitter and asked his followers if there’s a need for a new platform.
He has also been selling his stakes in Twitter since November. He has already sold shares worth $16.4 billion since then. So, I was also looking forward to knowing where he could invest this huge amount. In the coming weeks, we can expect to hear about a few more investments he makes.
