Elon Musk has became the largest shareholder of Twitter following a huge buyout that eclipses that of the platforms inventor.
Musk has taken a 9.2% stake in Twitter, sending Twitter shares up more than 27%. The stake is worth a total of $2.89bn, making him the largest shareholder in the company. That’s more than four times the 2.25% holding of Twitter founder Jack Dorsey. Musk has spoken about his desire to building a new social media platform recently, but it’s unclear whether or not this is part of his plan.
Elon Musk and Twitter
It’s worth noting that this doesn’t mean Elon Musk owns Twitter in any way. It does however mean that shareholders are much more likely to pay attention to whatever Musk wants, since they have a clear financial stake in making sure that whatever he wants happens. That’s regardless of wider impact on the service or the potential implications of doing so.
Musk has been in the news a lot recently. It’s unclear whether or not this buyout is related or whether it’s an attempt to “bring back free speech” as Musk seems to be planning to do for the platform. Of course, free speech never went anywhere, this is entirely referring to freedom of consequences, but that’s neither here nor there.
What do you think about this? Does that matter at all to you? Or does it remain to be seen? Let us know across our social channels.
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Featured Image Credit: Twitter/Elon Musk