Tesla founder Elon Musk has acquired 73.5 million shares, or 9.2%, of the company on Twitter, sending more than 20% of its shares but uncomfortable with its purpose.
An SEC filing this morning listed the 14 2.9 billion purchase date as March 14. It’s still unclear what inspired the billionaire to become Twitter’s largest shareholder. Last December, he posted a meme about the company’s recent management changes to draw a parallel with the Stalin-era Soviet Union. Founder and two-time CEO Jack Dorsey resigned unexpectedly last November, handing over the baton to longtime executive Parag Agarwal.
“Elon has set his eye laser on Twitter,” Wadebush Securities analyst Dan Ives wrote in a note to clients, hinting at an online touch-up in photos of cryptocurrency enthusiasts like Musk. “We expect this passive stack to be the beginning of a broader conversation with the Twitter board / management that could eventually lead to an active partnership and potentially more aggressive ownership of Twitter.”
Shares on Twitter rose 20% to over $ 47 in early trading, their highest level since Dorsey’s departure.
The issue of free speech, which has gripped Twitter and other social media outlets in recent years, seems to be a matter of consideration for Mask. He recently surveyed his 80 million Twitter followers, asking them if they think the company supports freedom of speech. More than 70% responded negatively, leading Musk to consider launching his own platform.
At the wheel of Agrawal, investors are closely watching to see if the company can meet its ambitious growth goals. Twitter estimates that it will reach আয় 7.5 billion in annual revenue and 315 million daily users by the end of 2023. Agarwal also promised to improve product performance, increase accountability and make quick decisions.
Mask, who also runs SpaceX, has a net worth of 270 billion. Last year, he surpassed Amazon founder Jeffrey Bezos to become the world’s richest man.
