April 6, 2022

Elon Musk Becomes Twitter's Largest Shareholder

  • Flyover Country

By: Konrad Holden

In Brief: 
On Monday, it was revealed that Tesla Founder and CEO, Elon Musk, is currently the largest outside shareholder of Twitter. His 9.2% stake equates to $3 billion and earned him a spot on the board of directors. Musk’s stake gives him approximately 7% more of the company than former Twitter CEO Jack Dorsey, who is set to leave the board in May. In late March, Musk, before it was revealed that he owned 9% of the company, tweeted out that Twitter had failed  to “adhere to free speech guidelines.”

The Background: 
Elon Musk has a long tenure of starting and growing massive businesses. First, he started Tesla, now the leading electric car maker. Then he started SpaceX to begin exploring space. He even owns a boring company that creates tunnels for transportation.

Now, he seems to be taking a bigger company and trying to turn it around.

On March 14th, Musk quietly acquired the largest outsider stake in Twitter. He then began to tweet before anyone knew about his purchase.

On March 25th, Musk ran a Twitter poll asking users, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle? The consequences of this poll will be important. Please vote carefully.”

The next day, Musk tweeted again saying, “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?”

Then a financial filing revealed that Musk is now a 9.2% owner of Twitter on Monday.

Musk is set to join the board of directors and seems to already have plans for changes he wants to help make.

Notable Quotes: 

“Looking forward to working with [Twitter CEO Parag Agrawal] & Twitter board to make significant improvements to Twitter in coming months!” - Elon Musk

What do you think?
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