Elon Musk now Twitter’s largest shareholder
Elon Musk, a Business magnate and Tesla founder, now owns a 9.2 per cent stake in Twitter.
The information is contained in a United States Securities and Exchange Commission filing.
The U.S. agency confirmed that Musk bought 73,486,938 Twitter shares in March.
News of the stake, worth $2.89billion, boosted the company’s shares by about 25% in pre-market trading.
Musk becomes the largest shareholder with more than four times the 2.25 per cent controlled by Twitter founder Jack Dorsey.
On March 24, Musk ran a poll asking whether or not the social media platform’s algorithm should be open source.
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The billionaire later asked whether or not Twitter rigorously adheres to the principle of free speech.
After the majority replied ‘no’, Musk asked whether a new networking site was needed, disclosing he was considering starting his own.
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