Twitter in a US Security and Exchange Commission (SEC) Filling on Monday has disclosed that Tesla and SpaceX CEO Elon Musk has acquired a 9.2 percent stake in Twitter Inc. that making him the largest outside shareholder.
According to the report, Musk owns 73,486,938 shares of Twitter.
The stake is worth $2.89 billion, based on Twitter's closing price on Friday.
This happened some days after Musk who has more than 80 million followers criticised Twitter and has suggested to people on Twitter whether Twitter adheres to free speech principles.
Musk tweeted: "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,"
After 70.4 percent of respondents voted that it did not, he asked followers "What should be done?"
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
— Elon Musk (@elonmusk) March 26, 2022
What should be done? https://t.co/aPS9ycji37
The new update has given the Twitter stock a big lift and what happens next will determine whether this big lift will last.
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