Elon Musk Snaps $2.9B Stake in Twitter, Becomes Its Largest Shareholder

Elon Musk is really going after Twitter with his 9.2% stake in Twitter

Elon Musk - Tesla

Tesla CEO Elon Musk has taken a $2.89 billion stake in Twitter which makes him its largest shareholder. He constantly complains about free speech on social media platforms and even hinted at starting his own.

Elon took a 9.2% stake in Twitter comes after he shared a poll on Twitter asking if the social media platform rigorously adhered to the principle of free speech.

It’s worth noting that this is a passive investment according to the SEC filing dated March 14th which means he can’t influence who controls it and can’t acquire control of the company.

For comparison, Jack Dorsey owns 2.25% of Twitter.

It’s unclear how the 50-year-old will put his money to work

This announcement raised Twitter share price on the NYSE.

Twitter recently got a full-time CEO Parag Agrawal after Jack Dorsey left late last year.

The new CEO has revamped how Twitter introduces new features since he took the reins promising to launch new features much faster.

Twitter has been under pressure to increase its revenues and user growth.

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