Elon Musk has bought a 9.2% stake in Twitter with a deal closed at an estimate of 3 Bn USD, making him the largest shareholder of the company.
He is now amongst a few of the largest shareholders of Twitter such as Vanguard Group, BlackRock Fund, and more. Elon Musk owns almost four times the share held by Jack Dorsey (2.25%), previously the CEO of Twitter.
It has been cited that the initiation of the decision to invest in the social network began with a poll run by Elon questioning the diligence of Twitter to protect free speech on the platform.
According to the votes by users on the poll, Twitter fails to adhere to free speech principles, and Elon also contemplated the origin of a new platform.
Elon has always been infamous for his Tweets, and their influence on pop culture and the cryptocurrency industry. The news of Elon buying a stake in the company was not indifferent to his influence, Twitter shares rose about 26% in pre-market trading after a 13G filing revealed Elon Musk has taken a 9.2% passive stake in the company, according to Bloomberg.
It also seems he has a few plans for the company. Soon after it was revealed that Elon has purchased a stake, he ran another poll on Twitter, asking users if they wanted the most-asked-for feature ‘Edit’ button. Twitter had recently announced they had been working on an edit button, and Parag Agrawal, CEO, Twitter has also shown interest in considering the results of the poll.