Home Technology Stock market: Elon Musk acquires 9.2% of Twitter

Stock market: Elon Musk acquires 9.2% of Twitter

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Elon Musk has acquired 9.2% of the capital of the Twitter platform. A document from the SEC (the police of the American Stock Exchange) reveals that Musk bought more than 73 million shares on March 14, which represents an investment of nearly 2.9 billion dollars. When the New York Stock Exchange opened this morning, Twitter stock was up more than 25%.

In practice, there shouldn’t be any big changes on the Twitter side. Elon Musk is neither CEO nor on the board of directors: he is simply a shareholder. The management of the company should however have a more attentive ear to the words of this new shareholder of weight.

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We see this passive involvement as just the start of broader conversations with current Twitter executives. These exchanges could lead to a more active role and a more aggressive takeover of the company. ” valued Dan Ivesanalyst at investment bank Wedbush Securities.

Surprisingly, the CEO of Tesla and Space X had kept this investment secret. Two weeks ago, Musk polled his Twitter followers asking if they thought the platform strictly upholds freedom of expression. He specified that ” the consequences of this survey would be important », and more than 70% of respondents answered in the negative. He then explained think creating a new social network.

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If Elon Musk loves Twitter, the platform has also earned him some problems. Following a tweet where he claimed to have the appropriate funding to withdraw Tesla from the Stock Exchange, he had agreed that his publications related to the activity of Tesla be pre-approved by a lawyer. In 2019, he was acquitted of calling a British speleologist a “pedo”.

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