Money

Does Elon Musk now own Twitter?

Published

2 years ago

April 5, 2022

Tesla CEO Elon Musk has taken a 9.2 per cent stake in Twitter, overtaking the shares of Twitter founder Jack Dorsey

Tesla CEO Elon Musk has taken a 9.2 per cent stake in Twitter. The billionaire’s big purchase sent shares in the social media giant soaring by a quarter in pre-market trading.

Musk bought over 73 million shares earlier last month.

So based on Twitter’s closing price on Friday, his chunk of twitter is worth close to 3 billion dollars

Musk now owns the most shares in Twitter, making him the company’s largest stakeholder.

The stake makes him one of the largest shareholders in the company and is more than four times the 2 per cent holding of Twitter founder Jack Dorsey.

Musk is a regular Twitter user with more than 80 million followers, but there is rumours he may pull a Donald Trump and build a new social media platform.

As cited in the BBC, Musk saw the valuation of his Tesla car company surpass a market value of $1 trillion last autumn, making it the fifth such firm to reach the milestone, after Apple, Microsoft, Amazon and Google-owner Alphabet.

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