Tesla CEO Elon Musk has become Twitter’s biggest shareholder after purchasing a 9.2 percent stake from the social media platform. According to Bloomberg News, Musk purchased the stake on March 14, around the same period when he conducted a Twitter poll asking users about the platform’s adherence to hate speech.
Based on Friday’s closing price, Musk’s stake is reportedly worth about $2.89 billion. Twitter share prices are said to have been up over 25 percent in pre-market trading following the news. The Tesla CEO’s shares are reportedly set as a passive stake.
On March 25th, Musk conducted a Twitter poll asking his more than 80 million followers “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” he then added that “the consequences of this poll will be important.”
Read: Twitter Working on Collaborations Feature to Allow Users Co-Author Tweets
More than 70 percent of those who answered said ‘no’, to which Musk sked whether a new platform was needed. He indicated that he was giving serious thought to starting his own.
It is still not clear what Musk intends to do with his shares, but the SEC Filing indicates that the form he used frequently suggests that the investor is not looking to take over the firm or control its management. The acquisition date, March 14, also indicates that the Tesla boss conducted the polls long after making a decision to become a stakeholder in the app.
“It looks like Elon has his eyes laser set on Twitter,” Analyst Dan Ives said in a research note, adding that the stake could lead to a “more aggressive ownership role.”
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