Elon Musk Acquires a Large Portion of Twitter Shares, the Social Media Company’s Shares Rise

Elon Musk Acquires a Large Portion of Twitter Shares, the Social Media Company’s Shares Rise

  • Billionaire Elon Musk revealed that he has purchased a large portion of Twitter stocks on Monday
  • Musk currently holds the biggest share in the social media company after he criticized the platform
  • Social media users took to Twitter to share their thoughts on the Pretoria-born billionaires latest investment

UNITED STATES - Twitter shares skyrocketed after Elon Musk announced that he purchased a big portion of the company. He is the company's biggest stakeholder.

This comes after he criticized the social media platform and suggested that would create his own in the industry.

Business News, Twitter shares, Elon Musk announces 9% stake, in social media platform
Billionaire Elon Musk disclosed that he has taken a big stake in Twitter. Image: Thomas Trutschel & Patrick Pleul/Getty
Source: Getty Images

The billionaire has acquired 9.2%, which is worth about $2.89 billion, of shares in Twitter according to Business Tech.

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He took to Twitter on March 25 to ask users via a poll if the app adheres to free speech which is essential to democracy.

In response, he Tweeted:

“The consequences of this poll will be important. Please vote carefully.”

Twitter shares soared by almost 25% on Monday according to Markets Insider.

Social media reacts to the news

@Muskidd commented:

“In the age of censorship, we need to fight for free speech like never before.”

@theenigmaofmak posted:

“Hmm if this guy were the Anti-Christ I wouldn't be shocked. He is taking over slowly.”

@t_kgopa said:

“He wanted those shares on the cheap, clever dude.”

@achilies17 added:

“Nine per cent he can maybe decide on the logo colour but that's about it.”

Elon Musk concedes richest man in the world title to Putin

Tesla and SpaceX CEO, Elon Musk says he may be the richest man in the world in theory, but believes that he only holds the title.

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The Russian president, Vladimir Putin, Elon Musk says, is the richest man in the world in the actual sense of the word, a report by Fortune says.

Musk says he thinks Putin is immensely wealthier than him, he told Mathias Dopfner, the CEO of Axel Springer, the parent company of Business Insider on Saturday, March 26, 2022.

Musk overtook Amazon boss, Jeff Bezos in the race to become the richest man in the world. His net worth stands at $270 billion as of Saturday, March 26, 2022, Forbes says.

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