Tesla CEO Elon Musk has acquired a significant stake in Twitter, making him the largest external shareholder in the company behind the popular social network, CNBC reported.
Documents from the US Securities and Exchange Commission (SEC) show that Musk owns 486,938 shares of Twitter, which is a passive share of 9.2% of the company. At the close of trading on Friday, this share on Twitter was worth a total of 2.89 billion dollars.
Musk’s purchase comes after he recently criticized the social network for its policies. According to him, it undermines democracy because it fails to defend free speech. He even launched a poll asking his Twitter followers whether the social network adheres to the principles of freedom of speech. As many as 70% of respondents said no to his question, given that Twitter de facto serves as a public city square, ignoring the principles of freedom of speech fundamentally undermines democracy. What needs to be done?” Musk wrote.
Although Musk’s share is classified as passive, investors believe the move could lead to something bigger. Against this background, shares of Twitter rose by 25% in pre-exchange trading.
“Musk may try to take a more aggressive stance on Twitter,” said Wedbush analyst Dan Ives. This could eventually lead to some sort of buyout, he added.
He said this was a logical step given Musk’s comments on social media.
Musk is an active Twitter user and has more than 80 million followers on the platform. However, some of his publications gave him serious headaches.
On August 7, 2018, Musk wrote on Twitter that he had “secured funding” to take Tesla private for 420 per share. The publication shook Tesla’s shares and prompted the US Securities and Exchange Commission (SEC) to file a lawsuit against Musk for fraud. Musk and Tesla agreed with the agency to agree to pay a $ 40 million fine.
Musk is considering creating a new social network
Tesla CEO Elon Musk is “seriously considering” building a new social network, Reuters reported.
His comment came in response to a Twitter user’s question about whether they would consider building a new online communications platform that includes an open-source algorithm that prioritizes free speech and minimizes propaganda.
Musk, who is an active Twitter user, has recently criticized the social network for its policies. According to him, it undermines democracy because it fails to defend free speech.
Earlier, he launched a poll asking his Twitter followers whether the social network adheres to the principles of freedom of speech. As many as 70% of respondents answered “no”.
“The consequences of this poll will be important. Please vote carefully, “Musk wrote on Friday.
If Musk sets about building a new social network, he will become another entrepreneur posing as a defender of free speech, hoping to attract users who are dissatisfied with the policies of platforms such as Twitter, Facebook, and YouTube.
So far, none of the companies, including former President Donald Trump’s Truth Social, which presents themselves as alternatives to established social networks, has managed to bring them closer in scale and popularity.
Musk could become the first trillionaire in 2024.
Elon Musk will become the first person with a fortune of over $ 1 trillion in 2024. This is predicted in a new study by Tipalti Approve based on an analysis of average annual growth trends, reports YahooFinance.
Musk’s fortune is currently estimated at $ 256 billion, according to the Bloomberg Billionaires Index.
“Since 2017, Musk’s wealth has grown by an average of 129%. This means that he can become the first member of the club of trillionaires in two short years. If the trend continues, its fortune will reach 1.38 trillion. dollars by 2024, when he will be 52 years old, “the study said.
Although most of his wealth is in the form of shares in Tesla, this is not the only factor due to Musk’s leadership in the ranking of billionaires.
“SpaceX generates huge revenues by charging government and commercial customers to send various things into space, such as satellites, and to transport astronauts to the International Space Station,” the study said.
Other tycoons who could become trillionaires in the coming years include Indian conglomerate chairman Adani Group Gaytam Adani, Microsoft co-founder Bill Gates, and VouteDanse founder Beszo Janon.
According to the study, the 42-year-old Imin, whose company is known for the TikTok app, could become a trillionaire by 2026, making him the youngest member of the club.
The authors of the study note that it is extremely difficult to make accurate predictions of this type, as the state of the super-rich men with very sharp and large movements, whether up or down.
From 2020 to 2022, the wealth of the founder of the bottled water company Nongfu Spring Jong Shanshan increased by 2 billion. at $ 71 billion after two initial public offerings by his companies in Hong Kong.
“In 2017, the founder of the e-commerce giant Amazon Jeff Bezos was the first person after Bill Gates in 1999, whose fortune reached $ 100 billion,” according to Tipalti Approve.
“Several years ago, Bezos, not Musk, was expected to be the first member of the trillionaires’ club. Now the forecast is that he will not join the club before 2030 – about six years after Musk,” added the authors of the study.
