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Musk takes a $3B bite out of Twitter; now the Tesla mogul has a 9.2% share of the social network – TechCrunch

He used Twitter to do this question people apparently to make important business decisions. He has his hand figuratively beaten (more than once) from regulators about how he used the social platform to potentially manipulate the markets. And he even said he wanted it Building your own social platformas owning a digital mouthpiece seems to be the mogul’s (and autocrat’s) current version of owning a superyacht of his own.

Now Elon Musk is putting some of his money where he’s been keeping his mouth shut for years. Twitter today posted a note confirms that the SpaceX and Tesla entrepreneur has taken a 9.2% stake in the company, equivalent to around $2.9 billion based on Friday’s share price.

The confirmation of the stock purchase – rumored by some last week – has boosted Twitter’s shares; it is currently about 23% above its Friday close before market opening.

The filing, signed and dated today by Musk, notes that the stock event actually took place on March 14. Specifically, it was noted that he had purchased 73,486,938 shares of common stock that day.

The date is notable as it predates Musk’s by about 14 days tweets He claimed he had “seriously thought about the idea” of starting his own social network. One takeaway is that he appears to have teased the real news here – his involvement in Twitter – to his base. Once a troll, always a troll.

Since it’s a long way to start a social network from scratch, and it has absolutely no guarantee of successMusk’s version of the build could begin now, in the form of building a stake in an already established company — a platform on which he’s established himself as a power user, no less.

Those who love Musk have enjoyed the opportunity on Twitter to tweet him in hopes of an answer and to follow his words religiously on everything from cryptocurrency and his companies to world affairs. His detractors have slammed how he appears to be manipulating situations, sometimes just for fun, by using the platform. As for Musk himself, he’s hard to pin down, but comes across largely as a libertarian in his approach. That position is underscored by this new interest he’s developed as a social media entrepreneur — not just a user — with a focus on what he calls “freedom of speech.”

Some have reported that these shares will effectively make Musk the single largest shareholder in Twitter. What that might mean for Twitter, for Musk, and for the world of sane people who aren’t fanboys of the guy remains to be seen. We’ve reached out to the company to confirm this detail and will update as we learn more.



Musk takes a $3B bite out of Twitter; now the Tesla mogul has a 9.2% share of the social network – TechCrunch Source link Musk takes a $3B bite out of Twitter; now the Tesla mogul has a 9.2% share of the social network – TechCrunch

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