Elon Musk has bought a 9.2% stake in Twitter, according to a regulatory filing published Monday by the Securities and Exchange Commission.
Why it matters: Musk recently told his around 80 million Twitter followers he’s giving “serious thought” to building a social media platform to rival Twitter, which he criticized for “failing to adhere to free speech principles.”
By the numbers: Twitter shares jumped more than 25% in premarket trading after news of Musk’s purchase broke.
Musk’s 9.2% stake is equivalent to 73,486,938 shares of Twitter common stock and is worth $2.89 billion based on the company’s closing price Friday. The stake would make Musk the company’s largest shareholder, per the Financial Times. Twitter co-founder Jack Dorsey holds a 2.25% stake.
Aw well. . . It’s probably nothing. Just Elon setting up to kill Commies . . .
— Elon Musk (@elonmusk) April 3, 2022
Meanwhile… @ his Day Job:
Meanwhile… @ his Hobby:
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
And the moral of the story is: Just say no to Silicon Soy Valley.