Elon Musk becomes twitter’s largest shareholder

Date:

Share post:

Tesla and Space X CEO Elon Musk has become Twitter’s largest shareholder after acquiring 9.2 per cent of its shares.

It was disclosed that he had become the company’s largest individual shareholder with 73,486,938 shares in the media platform as of March 14.

The deal

In a regulatory filing on Tuesday, Twitter said that it plans to appoint Must to its board for a term that ends in 2024.

“I’m excited to share that we’re appointing @elonmusk to our board,” said Twitter CEO Parag Agrawal in a tweet on Tuesday.

“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” he added.

In response, Musk tweeted he is “looking forward to working with Parag and Twitter board to make significant improvements to Twitter in coming months.

As part of the deal, Musk has agreed not to acquire more than 14.9 per cent of the company’s shares while he remains on the board.

His stake at twitter now stands at 2.89 billion dollars with speculations that he could convert it into his social media app in future.   

What pushed Musk?

Before purchasing the stake, he conducted a poll criticizing the platform and went ahead to ask his followers if twitter adheres to free speech and whether a new platform is needed.

He further cited his interests in starting his own platform.

Elon’s announcement made twitter stock rise up to 27 per cent and adding up close to a billion dollars into his net worth.

The billionaire who is active on twitter having 80 million following says he wants to make some changes on the app, among them the freedom of speech.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Journalists develop curriculum on Climate Change Reporting

Journalists in Kenya have developed a curriculum to train reporters on how to cover Climate Change issues. The Kenya...

MESHA transforming newsrooms through Mobile Journalism mentorship

Twenty-three more journalists have benefited from Mobile Journalism skilling project by the Media for Environment, Science, Health and...

Media best placed to tame vaccine hesitancy in Kenya, experts say

Misinformation remains one of the main factors contributing to vaccine hesitancy in Kenya. Stakeholders in the health sector say...

LIBOI: Nairobi artist who sings for Lake Victoria

For ages, Lake Victoria, the world’s second-largest fresh water lake has been choking due to aggravated human-related (anthropogenic)...