Elon Musk has purchased a 9.2% stake in Twitter, making him the platform’s largest stakeholder, just a week after warning that he would shake up the social media business.

In pre market trade, Twitter shares jumped almost 26% after Musk filed a regulatory filing disclosing his purchase of the company on Monday. Based on Friday’s market closing, the share is worth around $2.89 billion.

Musk, 50, polled his more than 80 million Twitter followers last month, asking if the company adhered to free speech ideals. He inquired if a new platform was needed after more than 70% responded no, and stated he was seriously considering launching his own.

Musk is one of the most well-known Twitter users, and he has a history of getting into controversy on the platform.
Tesla Inc. CEO Elon Musk is attempting to get out of a 2018 agreement with the US Securities and Exchange Commission that included restrictions on his tweeting about the electric vehicle company.

The announcement will be another key test for new Twitter CEO Parag Agrawal, who took over from Jack Dorsey after his abrupt resignation in November. Agrawal promised to improve product execution, boost accountability, and make speedier decisions.

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.Musk posted a mysterious meme after Twitter announced that Agrawal would replace Dorsey as CEO in December.

It depicted Agrawal as Soviet ruler Joseph Stalin and Dorsey as Soviet secret police leader Nikolai Yezhov being shoved into the river.

Twitter is under pressure to create new features faster. The organization set lofty revenue and user growth targets to persuade naysayers that it was serious about growing its business.

While Twitter has been gradually growing for years, its stock has trailed behind its counterparts in the industry.

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