Elon Musk becomes Twitter’s biggest shareholder after buying 9.2% stake
Elon Musk has taken a 9.2% stake in Twitter to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry..
Twitter shares surged about 26% in premarket trading after the regulatory filing released Monday detailing Musk buying the holding. The stake is worth about $2.89 billion, based on Friday’s market close.
Musk, 50, polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own.
Musk has been one of the biggest personalities on Twitter and has regularly run into trouble on the platform. The Tesla Inc. chief executive officer is currently seeking to exit a 2018 deal with the US Securities and Exchange Commission that put controls in place related to his tweeting about the electric-car maker.
The announcement will be yet another major test for new Twitter CEO Parag Agrawal, who replaced Jack Dorsey after he unexpectedly resigned in November. Agrawal vowed to increase accountability, make decisions faster and improve product execution.
The company set ambitious goals for growth including increasing annual revenue to $7.5 billion and getting to 315 million daily users by the end of 2023.
Musk posted a cryptic meme in December after Twitter announced that Agrawal was taking over from Dorsey as Twitter’s CEO. It depicted Agrawal as Soviet dictator Joseph Stalin and Dorsey as Soviet secret police head Nikolai Yezhov being shoved into water.
Twitter is under pressure to move faster in building new products. The company has set ambitious revenue and user growth goals to convince sceptical investors that it was serious about expanding its business. While Twitter has grown steadily for years, its stock gains have lagged behind industry peers.
“My next one will look very curvy” – Bobrisky to undergo another liposuction surgery
“Why I am impressed with our cleaner who stole millions from my dad” – Kiddwaya reveals
Prince Harry is seen as a ‘loose cannon’ by the Royal Family while Meghan Markle appears ‘set on destroying’ the Institution, expert claims
Gunmen storm Abuja community, kidnap four targets
“Now God has blessed me” – Destiny Etiko visits old neighborhood in Enugu, shares grass to grace story in touching video
JUST IN: CBN denies reports of devaluation of the Naira
“No billing, no nagging” – Nigerian man buys N2m worth robotic wife, poses with it (Photos below)
“Davido come people forget say we dey church” – Pastor tackles members for ‘losing focus as Davido enters Church, causes commotion during service
Celebrity Gossip & Gist2 days ago
“Chioma don suffer for Davido Hous, See How She Com slim” – Reactions as man shares rare video of Chioma and singer at home
Foreign2 days ago
President Joe Biden, 80, trips and falls at Air Force Academy graduation ceremony
News2 days ago
Nkechi Blessing’s ex, Opeyemi Falegan gives free fuel to hundreds of okada riders (Video below)
Lifestyle2 days ago
“I’ve never done fraud” – Barber cries out for justice after police extorted him of N100k in Lagos