Elon Musk acquires $2.9 billion stake in Twitter; becomes company’s biggest stakeholder

Elon Musk, the CEO of Tesla and SpaceX, the founding father of The Boring Company, and the co-founder of Neuralink and OpenAI, could also be launching a brand new firm quickly.

Of course, if he’s being severe……

Musk expressed his dissatisfaction with Twitter’s democratic nature in a sequence of tweets over the weekend, suggesting that it’s modified.

“Given that Twitter is the de facto public town square, failure to adhere to free speech norms fundamentally weakens democracy,” Musk wrote on Twitter. “How should we proceed?” He then inquired in regards to the necessity for a brand new platform.

The CEO of Tesla and SpaceX, who ranks in the highest ten hottest customers on Twitter with extra over 80 million followers, paid $2.89 billion for the stake at Twitter’s closing share value.

On the information, the corporate’s inventory rocketed by greater than 1 / 4 in pre-market commerce, including roughly $8 billion to its $31.5 billion market worth, earlier than easing again to a 21 p.c achieve in early buying and selling. Musk’s stake is now value greater than $3.5 billion on account of the inventory value improve.

Remember when Elon Musk surveyed his Twitter followers about promoting 10% of his Tesla inventory? That’s a very good instance of how severe he takes a Twitter ballot.

“Is a new platform needed?” Elon Musk requested, with over 2 million votes and nearly all of his followers voting “no” in the present ballot, indicating that they don’t imagine Twitter adheres to the precept of free expression being elementary to a functioning democracy.

Musk accused the SEC of “harassment” and of trying to “chill” his proper to free expression in February.

As standard, it’s unattainable to understand how severe Musk is about any of this. Despite the truth that the CEO has operated profitable software program corporations in the previous (his first massive hit was PayPal), operating a social networking web site is a bit of exterior of his consolation zone.


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button