Elon Musk Becomes Largest Shareholder in Twitter After Purchasing 9.2% Stake

justjared.com:

Elon Musk has purchased 9.2% of Twitter stock, making him the largest shareholder in the company.

The Tesla and SpaceX founder did not disclose how much he paid for the shares, but CNN writes that his stake was worth $2.9 billion as of the close of trading on Friday. Click inside to read more… His purchase sent shares of Twitter climbing 20% in premarket trading, making his stake worth $3.5 billion after the spike.

The CEO has criticized Twitter in the past due to its policies around free speech. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he wrote last month. “What should be done?” While a stake of less than 10% will be considered “passive” by Wall Street, it may mean that Elon is looking to take a significant role in how Twitter operates.