Billionaire Elon Musk has yet again made headlines as the Tesla and SpaceX CEO recently bought a 9.2% stake in social media company Twitter.
According to the new SEC Filing, Musk holds 73,486,938 shares in Twitter, representing nearly a 9.2% worth of passive stake in the company, which makes him one of the biggest shareholders of the platform.
Musk Buys 9.2% Stake In Social Media Company Twitter
According to the Securities and Exchange 13G Filing shared on Monday, Musk has acquired a 9.2% stake in Twitter which is worth $2.89 billion. The particular investment has made Musk one of the biggest shareholders of the platform.
Previously, Musk had organized a survey poll on Twitter, asking his followers to provide insight on whether the social media company adheres to the principles of free speech.
Since the majority of people responded no, the Tesla CEO had stated that he was giving some “serious thought” to launching a platform of his own.
Musk acquiring a stake in Twitter has significantly impacted the prices of its shares, which have surged a striking 27% after the SEC 13G filing was revealed on Monday. The filing also shows that the purchased Twitter shares are held by Musk’s Revocable Trust, of which he is the sole trustee. Moreover, the surge in shares added $8.38 billion to Twitter’s market cap, which currently sits at $40.8 billion.
Musk is known as an ardent Twitter user and has always utilized the social media platform to openly voice his opinions on critical matters. Moreover, the Tesla chief boasts a following of 80 million followers, making him one of the biggest tech personalities on Twitter.