Communications of the ACM
Elon Musk Buys 9.2% Stake in Twitter, Making Him the Largest Shareholder
“I think he intends to go active and force change at Twitter,” said Dan Ives, tech analyst as Wedbush Securities. “This is a shot across the bow at Twitter’s board and management team to start discussions.”
Credit: Jim Watson/AFP/Getty Images
Elon Musk recently purchased 9.2% of Twitter stock, according to a filing Monday, making him the largest shareholder in the company.
News of the purchase sent shares of Twitter (TWTR) soaring 22% in early trading. Musk did not disclose what he paid for the shares, but his stake was worth $2.9 billion as of the close of trading Friday, and $3.5 billion after the spike early Monday.
Musk's filing did not disclose the purpose of the purchase or any plans for the company. But he has been a high-profile critic of Twitter policies in the past. Last month he said he was giving "serious thought" to creating a new social media platform.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk tweeted last month. "What should be done?"
From CNN
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