It has been confirmed today that Elon Musk has purchased a 9.2% stake in Twitter Inc. becoming the platforms biggest shareholder. Bloomberg has reported the Tesla CEO parted with approximately $2.89 billion acquiring the stake in the social media network and cause its shares to jump approximately 25% in premarket trading after the regulatory filing was revealed today. Bloomberg explains that last month Musk was polling Twitter users asking them whether the company “adheres to the principles of free speech“.
Elon Musk buys shares in Twitter
“Musk, 50, polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own.
The announcement will be yet another major test for new Twitter CEO Parag Agrawal, who replaced Jack Dorsey after he unexpectedly resigned in November. Agrawal vowed to increase accountability, make decisions faster and to improve product execution. The company set ambitious goals for growth including increasing annual revenue to $7.5 billion and getting to 315 million daily users by the end of 2023.”