Elon Musk takes a bite out of Twitter becoming its largest shareholder

Apr 4 2022, 8:46 pm

After putting out some cryptic tweets on Twitter last week criticizing the platform, Elon Musk has become the social media giant’s largest shareholder.

According to Bloomberg, Musk’s shares now translate to a 9.2% stake in the company. The stake is worth almost $3 billion.

Last week, Musk put out several posts criticizing Twitter, which included a poll addressing the platform’s adherence to supporting free speech.

The results were unanimous and most users who voted essentially suggested Twitter didn’t support free speech.

He replied to his own tweet stating, “the consequences of this poll will be important. Please vote carefully.”

It seems as though one of those consequences is Musk potentially gaining more influence over the social media giant.

Musk had also hinted at creating a new platform.

Bloomberg states that Musk’s SEC filing suggests he isn’t intending to acquire control of a company or influence who controls it, but that could obviously change.

Bloomberg also notes that unlike major tech companies like Google, Facebook, and Amazon, Twitter’s founders don’t have any special voting control. That means that theoretically, Musk could take over.

Musk is the world’s richest person according to the Bloomberg Billionaires Index, and reports suggest he is on the path to becoming the world’s first trillionaire by 2024.

Twitter has undergone some major changes in recent months, which includes co-founder and former CEO Jack Dorsey stepping down last year. Parag Agrawal is the current Twitter CEO.

Musk put out this cheeky tweet just a few hours ago:

Social media is reacting

People have lots of thoughts about the Musk-related developments.

One user quipped, “Can’t get into trouble on Twitter if you own Twitter.”

Others are hoping that Musk will gain enough power to bring in an edit button like the platform teased on April Fools Day.

Then there are those inferring that Musk could reinstate controversial figures who may have been banned from the platform.

Whatever happens next, it’s certainly an interesting time for Twitter.

Amir AliAmir Ali

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