Tipsheet

Elon Musk Is Now Twitter's Largest Shareholder

Spencer Brown
Spencer Brown  |  April 04, 2022 10:45 AM

Tesla CEO and consistent thorn in the left's side Elon Musk opened a new front in his criticism of Silicon Valley tech giants on Monday morning when he disclosed he acquired a 9.2 percent stake in Twitter in mid-March, meaning Musk is now the company's biggest shareholder. 

Musk's acquisition of Twitter stock follows a recent poll from the tech entrepreneur questioning Twitter's commitment to free expression — a question asked with the caveat that "the consequences of this poll will be important."

Following his unofficial survey, Musk questioned whether a new platform was needed. It seems Musk concluded that — rather than starting his own company — he'd crash Twitter's party.

And while Twitter leadership might be worried about their new biggest shareholder, they should be happy to see that their company's shares were up more than 25 percent on the news that Musk snapped up nearly $3 billion worth of stock, as Bloomberg reported.

As Bloomberg points out, Musk's acquisition will be "yet another major test for new Twitter CEO Parag Agrawal, who replaced Jack Dorsey after he unexpectedly resigned in November" and who was depicted as Joseph Stalin in a meme tweeted by Musk when the leadership change was announced. 

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And while it's as-yet unclear what Musk's plans are with his newfound power within Twitter, it will be interesting to see if Twitter's censors continue to give Musk trouble for his tweeting given he's now the company's largest shareholder. Musk's stock has already, however, made him "about $1.1 billion," according Bloomberg.