Fri. Mar 29th, 2024
Elon Musk Buys 9.2% Stake In Twitter; 4 Times Of What Jack Dorsey Held!

Elon Musk has infused money to take a 9.2% stake in Twitter, according to a US securities filing.The news overwhelmed the investors, and the shares soared up almost 30% during the intraday trading session.

 Musk bought 73,486,938 Twitter shares on 14 March, revealed to the Securities and Exchange Commission.

 If calculated on the basis of Friday’s close, the stake is worth $2.89bn (£2.20bn).

 By bringing in over 9% stake, Elon Musk became one of the largest shareholders in Twitter, even surpassing Jack Dorsey’s stake in the company. 

Dorsey owned 2.25% stake in Twitter founder Jack Dorsey, four times less of what Musk now owns.

A Sweet & Sour Relation Of Musk & Twitter: 

 Musk is famous on Twitter, with 80.2 million followers. Late last month Musk did a poll wherein he asked his followers whether Twitter is a free space for free speech or not, giving a caution that the consequences of the poll would result in something concrete.

 He tweeted: “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”

To which 70.4% of the people answered No.

The very next day, he tweeted “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. 

 What should be done?” 

“Is a new platform needed?”, he asked in a thread. Many of the users answered Yes. 

 Musk uses Twitter as a medium to share the updates of the companies he owns – including SpaceX and Neuralink. Besides, he shares his thoughts on cryptos on Twitter along with the creative and relatable memes that catch the attention of many.

Some of his tweets, though, have drawn controversy.

He responded to a tweet by the UN World Food Programme’s (WFP) chief claiming that only 2% of Mr. Musk’s fortune could assist to end world hunger.

Musk stated in October that he would offload $6 billion in Tesla stock and donate it to the World Food Programme if the organization could explain “just how $6 billion will alleviate world hunger.”

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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