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Elon Musk becomes Twitter’s largest shareholder

According to the US Securities and Exchange Commission, Elon Musk now owns 9.2 percent of Twitter.

The filings say the Tesla and SpaceX boss owned 73,486,938 Twitter shares as of March 14, currently valued at around £3 billion. This makes Musk the largest shareholder in Twitter, with founder Jack Dorsey owning just 2.25 percent of the social media company.

It comes as Musk conducted a poll on Twitter last month. “Freedom of expression is essential for a functioning democracy. Believe that Twitter strictly adheres to this principle,” he wrote, with over 70 percent of the 2 million respondents voting “no.”

“The consequences of this poll will be important. Please vote carefully,” he then wrote, possibly hinting at a shake.

Musk has a muddy history with Twitter. In December, after it was announced that Parag Agrawal would succeed Dorsey as Twitter CEO, Musk released a memes features Agrawal as Soviet dictator Joseph Stalin and Dorsey as Soviet secret police chief Nikolai Yezhov being pushed into the water.

And earlier this year, he slammed Twitter’s announcement of NFT profile pictures, calling them “annoying.”

It has also been reported that Musk is trying to get out of an agreement with the SEC that requires him to show tweets containing material business information to a company lawyer before sending them out.

The £30m settlement came in 2018 after the CEO tweeted he could take the company private for $420 (£320) a share, causing Tesla’s share price to rise 6%. The SEC then sued Musk for securities fraud. Part of the settlement called for “additional controls and procedures to monitor Musk’s communications.”

According to Musk’s attorneys, the agreement violates his freedom of speech, but the SEC responded that as long as Musk uses his Twitter account to share information with investors, the SEC “may legitimately investigate matters related to Tesla’s disclosure controls and procedures, including Musk’s tweets.” about Tesla.”

https://www.nme.com/news/elon-musk-becomes-twitters-biggest-shareholder-3197570?utm_source=rss&utm_medium=rss&utm_campaign=elon-musk-becomes-twitters-biggest-shareholder Elon Musk becomes Twitter’s largest shareholder

Caroline Bleakley

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