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- Tesla CEO Elon Muck becomes Twitter’s largest shareholder after snapping up a 9.2 per cent stake in the company
- Mr Musk purchased nearly US$3 billion (A$3.97 billion) worth of shares on March 14 and now holds more than four times the 2.25 per cent holding of Twitter Founder Jack Dorsey
- This move comes after his tweet saying he was giving serious thought to building a new social media platform and questioning Twitter’s free speech commitment
- He also began a poll asking users if they wanted an edit button and within two hours of posting the tweet there were more than 1.1 million votes with 75 per cent backing it
- Twitter’s share price rose 27.1 per cent on Monday to close at US$49.97 and added as much as US$8.38 billion to its market cap which now stands at US$39.3 billion
Tesla CEO Elon Muck has become Twitter’s largest shareholder after snapping up a 9.2 per cent stake in the company.
Mr Musk purchased nearly US$3 billion (A$3.97 billion) worth of shares on March 14 and now holds more than four times the 2.25 per cent holding of Twitter Founder Jack Dorsey.
This move comes after his tweet saying he was giving serious thought to building a new social media platform and questioning Twitter’s free speech commitment.
Despite this, Mr Musk is a regular on Twitter with more than 80 million followers and 17,000 tweets.
He also began a poll asking users if they wanted an edit button, a feature that the social media platform has reportedly been working on.
Within two hours of posting the tweet, more than 1.1 million users voted with 75 per cent backing the edit option.
Last week he also asked his followers whether they thought the platform encouraged free speech.
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” He tweeted.
He also went on the add, “Is a new platform needed?”
Twitter’s share price rose 27.1 per cent on Monday to close at US$49.97 and added as much as US$8.38 billion to its market cap which now stands at US$39.3 billion.
