{"id":13650,"date":"2022-04-04T19:00:27","date_gmt":"2022-04-04T11:00:27","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=13650"},"modified":"2022-04-04T19:00:29","modified_gmt":"2022-04-04T11:00:29","slug":"elon-musk-reveals-9-2-stake-in-twitter-becomes-largest-shareholder-as-shares-surge-26","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=13650","title":{"rendered":"Elon Musk reveals 9.2% stake in Twitter, becomes largest shareholder as shares surge 26%"},"content":{"rendered":"\n

New York, April 4<\/strong> — Tesla Inc\u00a0(TSLA.O)<\/a>\u00a0Chief Executive Officer Elon Musk has built a 9.2% stake in Twitter Inc\u00a0(TWTR.N)<\/a>, a regulatory filing showed on Monday, potentially making him the biggest stakeholder in the micro-blogging site.<\/p>\n\n\n\n

Twitter shares soared 26% in premarket trading after the filing, which comes close on the heels of Musk tweeting that he was giving “serious thought” to building a new social media platform.<\/p>\n\n\n\n

Shares of other social media firms, including Meta Platforms (FB.O)<\/a> and Snapchat owner Snap Inc (SNAP.N)<\/a>, were also trading higher.<\/p>\n\n\n\n

Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock’s Friday close. The shares are held by the Elon Musk Revocable Trust.<\/p>\n\n\n\n

\"elon<\/figure><\/div>\n\n\n\n

Musk, a prolific user of Twitter, has over 80 million followers on the site since joining in 2009 and has used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him under regulatory scrutiny.<\/p>\n\n\n\n

He, however, has been critical of the social media platform and its policies of late and has said the company is undermining democracy by failing to adhere to free speech principles.<\/p>\n\n\n\n

Meanwhile, Musk and Twitter’s billionaire co-founder, Jack Dorsey, have had some common ground in terms of dismissing the so-called Web3, a vague term for a utopian version of the internet that is decentralized.<\/p>\n\n\n\n

Musk is also the founder and CEO of SpaceX and leads brain-chip startup Neuralink and infrastructure firm The Boring Company.<\/p>\n\n\n\n

NMT<\/a> as reported by Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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