Elon Musk Becomes Twitter's Largest Shareholder After Teasing He is Thinking about Starting a Social Media
- World Richest man, Elon Musk has decided to be part of social media after spending N1.2 trillion to become Twitter's largest shareholder
- This is coming a few days after he asked news spread that he is “giving serious thought” to creating a new social media platform
- Musk over the years has built a strong reputation as an ardent user of Twitter with more than 80 million followers
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Tesla CEO, Elon Musk, has bought a 9.2 per cent stake in Twitter and he is now the largest shareholder of Twitter a micro-blogging platform
Musk now has four times as many shares as Twitter founder Jack Dorsey, who owns 2.25%.
According to a document filed with the US Securities and Exchange Commission on Monday, Musk acquired 73,486,938 Twitter shares for a whopping $2.89 billion(N1.2 trillion) based on Twitter’s closing price on Friday.
According to a Reuters report, the Twitter shares are held by the Elon Musk Revocable Trust, of which he is the sole trustee.
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With this deal, Musk will be joining Vanguard, BlackRock, and State Street Corp. as top shareholders of the microblogging site.
Teaser to start his own social media
Elon Musk move comes after he teased a shakeup at Twitter, of possible plans to build a new social media platform that promotes free speech.
Last month, Musk asked his followers to vote in a poll about free speech and Twitter’s adherence to it, emphasizing that the “consequences of this poll will be important, the Guardian UK reports.
The tweet reads to his over 80 million followers:
"Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” the 50-year-old asked. “The consequences of this poll will be important. Please vote carefully.”
When the poll came back to show that more than 70% of the 2,000,000-plus who voted answered “No,” Musk teased creating a new platform of his own.
Twitter shares soars
Following the announcement, Twitter’s shares soared 25.8 per cent to $49.48 in today’s pre-market trading.
What this means is that at the time of writing, Elon Musk Twitter shares have increased to N36.3 billion.
Nigerian workers take to Twitter to call out their 'horrible bosses'
Legit.ng had an earlier report on how Twitter, one of the popular social media platforms was abuzz with tales of Nigerian workers' relationships with their bosses.
Some of the complaints range from poor salary, working conditions and the toxic work environment.
The bosses of some of the companies have reacted to the call out giving their own side of events that led to some of the workers being sacked.