Elon Musk Becomes Largest Twitter Shareholder With $2.9 Billion Stake

Tesla CEO Elon Musk takes a 9.2% passive stake in Twitter, making him the platform's largest outside shareholder. The massive purchase sends Twitter stock surging over 27% as investors speculate about potential future buyout plans.

04 Apr 2022 • 1 min read

Tesla CEO Elon Musk purchases a 9.2% passive stake in Twitter, officially making him the largest outside shareholder in the social media company. According to a Securities and Exchange Commission filing, Musk owns over 73 million shares worth approximately $2.89 billion. The massive investment immediately sends Twitter stock surging more than 27% as investors react to the surprising news.

This major purchase comes just days after Musk publicly criticizes Twitter for failing to uphold free speech principles. He argues that since Twitter acts as the de facto public town square, its failure to support free speech fundamentally undermines democracy. Musk even polls his followers about what should be done to address the issue, hinting at the possibility of building a new social media platform.

Although the SEC filing classifies Musk's stake as passive, market analysts speculate this move could lead to a more aggressive strategy or even a potential buyout. Wedbush analyst Dan Ives notes that the acquisition makes sense given Musk's recent complaints about social media platforms. Twitter declines to comment on the matter, leaving the tech world to watch closely for Musk's next steps.

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