Washington, April 4 (BUS): Tesla CEO Elon Musk has acquired 9% of Twitter to become its largest shareholder, according to the Associated Press.
The ultimate goal to buy 73.5 million shares of Musk, valued at $3 billion based on Friday’s closing price, is unclear. Musk has 80 million followers on Twitter and is very active on the site.
According to a Securities and Exchange filing on Monday, Musk bought the shares on March 14, describing him as a long-term investor looking to reduce his buying and selling of shares.
This means that Musk acquired the stock before he began his public speaking about the First Amendment and Twitter.
However, Musk has also raised, publicly, in front of his huge and loyal Twitter followers, the possibility of creating a rival social media network.
Musk’s stake in Twitter is more than four times the size of Dorsey, who co-founded the company and was the largest individual shareholder until Musk’s arrival.
Twitter stock is up more than 25% on Monday. Since Musk bought his stake on March 14, Twitter shares are up nearly 50%.
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