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Elon Musk is acquiring a 9.2% stake in Twitter in a deal worth nearly $3 billion

The richest person on earth just made a very big power move as Elon Musk just bought a large stake in popular social media platform Twitter. Elon Musk has reportedly spent nearly $3 billion of his vast fortune to buy nearly 10% into the company — and industry pundits are already trying to figure out what this big move in the tech industry means.

In an unexpected upheaval in both the tech world and social media space, Elon Musk just used his immense fortune to acquire a stake in one of the most popular social media platforms. @Bloomberg reports that Elon Musk is now Twitter’s largest shareholder, having officially owned a stake of 9 just a week after hinting that he would do something big to transform the social media industry, acquired 2% of the company. According to estimates as of April 1, Musk’s new stake in Twitter is worth around $2.89 billionSt.

Just last month, Elon Musk asked his more than 80 million followers on Twitter if they believed the company upheld the principles of free speech. When over 70% said they didn’t believe it, he asked them if a new social media platform was necessary, before stating he was seriously considering starting one of his own.

As of now, it’s unclear exactly what Musk plans to do with his new stake in Twitter, but the tech industry is speculating wildly as to what it could mean. He had previously also openly criticized Twitter, saying it had “the wrong priorities.”

Industry experts point out that Twitter has been under pressure to create new products — and while the company has enjoyed steady growth over the years, its share appreciation has lagged behind its peers in the industry.

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https://theshaderoom.com/elon-musk-buys-9-2-stake-in-twitter-in-a-deal-worth-almost-3-billion/ Elon Musk is acquiring a 9.2% stake in Twitter in a deal worth nearly $3 billion

Adam Bradshaw

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