Musk acquires 9.2% stake in Twitter
April 5, 2022
Elon Musk has taken a 9.2 per cent stake in social media platform Twitter, according to a US securities filing. The announcement sent Twitter shares soaring by more than 27 per cent in New York trading on April 4th.
The SpaceX and Tesla CEO owned 73,486,938 shares in the social media platform as of March 14th, according to the Securities and Exchange Commission.
The stake is worth $2.89 billion (€2.6bn), based on Twitter’s closing price on April 1st. It makes Musk the largest shareholder in the company, with more than four times the 2.25 per cent holding of Twitter founder Jack Dorsey.
Twitter chief executive Parag Agrawal confirmed the news with a tweet that read: “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!,” added a follow-up tweet.
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