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Elon Musk buys 9.2% stake in Twitter (TWTR), becoming its largest shareholder

Elon Musk has become Twitter's largest shareholder after complaining about the platform's censorship.

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Elon Musk is one of Twitter’s most infamous users. Whether he’s influencing the crypto market, sharing news about Tesla and SpaceX, or chiming in on the latest political or social controversy, Musk is a major player in that space. He’s also been a critic of the platform’s moderation, speaking about how it doesn’t uphold the first amendment rights of users. Now, Musk may be looking to take matters into his own hand, as he’s acquired a 9.2 percent stake in Twitter (TWTR), making him the company’s largest shareholder.

It was on April 4, 2022 that we learned Elon Musk had acquired a hefty 9.2 percent stake in Twitter earlier this morning. Though Musk did not disclose how much in total he paid for the shares, CNN Business states that it would have cost him in the neighborhood of $2.9 billion USD. Twitter (TWTR) stock soared on the news of Musk’s acquisition, jumping 22 percent in value.

Though Elon Musk has yet to release an official statement or share his motivations behind the huge purchase, we can connect the dots by looking at his recent activity on the platform. On March 25, he ran a Twitter poll in which he asked, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” More than 2 million Twitter users responded to the poll. The following day, he posted a follow-up tweet to the poll, which 75 percent of users had voted “no” on, to ask what should be done about the issue. The acquisition of 9.2 percent of the company’s stock was certainly no coincidence.

It’s important to keep in mind that although Elon Musk is now Twitter’s largest shareholder, he doesn’t own the company. That said, there’s strong potential for him to be an influence over Twitter’s business in the future. As we continue to keep up with the changes happening at Twitter, stick with Shacknews.

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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From The Chatty
  • reply
    April 4, 2022 8:20 AM

    Donovan Erskine posted a new article, Elon Musk buys 9.2% stake in Twitter (TWTR), becoming its largest shareholder

    • reply
      April 4, 2022 8:29 AM

      Stock went up around 20% on that news as well.

      • reply
        April 4, 2022 9:06 AM

        If that’s not evidence that it’s all bullshit I don’t know what is

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          April 4, 2022 9:15 AM

          I think the GME/AMC stuff further proved that point.

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            April 4, 2022 9:17 AM

            Yeah, now we have meme stocks. So dumb.

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          April 4, 2022 10:44 AM

          to be fair Elon has demonstrated far better business acumen with multiple companies than any of Twitter’s leaders ever have with that product

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            April 4, 2022 11:01 AM

            Elon Musk has already made ~$750 million on his Twitter trade, which is approximately double Twitter’s net income for the last 3 years.

            https://mobile.twitter.com/benthompson/status/1511002825232642050

            Jack and Twitter management has been bad at their job forever.

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              April 4, 2022 12:02 PM

              That's because Elon Musk's business acumen in this space is built on memes and speculation...nothing actually tangible.

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              April 4, 2022 1:47 PM

              He hasn’t made jack shit until he sells the shares

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                April 4, 2022 1:48 PM

                everyone understands how stocks work

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                  April 4, 2022 1:50 PM

                  That is certainly not true across my friends and colleagues, at all :)

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                  April 4, 2022 2:32 PM

                  [deleted]

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                    April 4, 2022 2:40 PM

                    Personally, I think the whole "he actually doesn't have anything until he sells" line obfuscates things in an asinine way, to the rich person's benefit.

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                      April 4, 2022 2:43 PM

                      [deleted]

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                        April 4, 2022 2:46 PM

                        People being dumb about their personal finance seems like a totally unrelated issue here. I think the point is (IMO) people use the line about stock "being worthless until you sell" to try and downplay how absurdly rich a man making these kind of massive moves in the stock market is.

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                        April 4, 2022 2:49 PM

                        Today Elon could cash out his one day old Twitter shares for higher profit than Twitter the company has made themselves over multiple years. This is a simple fact. Saying 'actually Elon only makes money from selling shares when he sells shares' is not some clever point.

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                        April 4, 2022 4:52 PM

                        They aren’t out anything until they sell their shares

                    • reply
                      April 4, 2022 2:48 PM

                      right, it's a statement without any value

    • reply
      April 4, 2022 12:34 PM

      What's the procedure for purchasing a bunch of shares of a big company? Just place a market buy order for 2834932934 shares?

      • reply
        April 4, 2022 12:41 PM

        do some tweets to try to depress its value before you get in on it

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