Elon Musk buys 9% of Twitter and is already its largest shareholder


Elon Musk, founder of Tesla and SpaceX. / Photo: Reuters | Video: EP

Tesla owner invests $2.9 billion in the social network to buy 73.5 million shares

Edurne Martinez

Elon Musk has stirred the markets again. The founder of Tesla has acquired 9.2% of Twitter shares after investing 2,900 million dollars (about 2,600 million euros) in the social network, as reported by the company to the United States Securities Commission (SEC) . Musk currently has a total of 73.5 million shares in the company, which makes him its largest shareholder, quadrupling the 2.25% stake held by Jack Dorsey, former CEO and co-founder of the social network.

It is thus also positioned ahead of the Vanguard group, which has 8.79% of the company's shares, or Morgan Stanley, which owns 8.76%. Its more than 73 million titles represent approximately 10% of the company's total, although it is unknown what role Musk will have and if this acquisition will only be that of an external investor.

And all this just a few days after the also founder of SpaceX published in his account a survey among his followers about whether they believed that Twitter respected freedom of expression and two days after the result, where the majority voted 'no', criticized the need for a new social network that complied with this principle.

This movement of the richest man in the world has surprised the market, but the dates and prices at which this acquisition has been made are not yet known. Musk would have taken 73.5 million shares at $39.31 per share if last Friday's closing price is taken into account. This news has triggered the company on the stock market this Monday, which grew 26% on Wall Street to 49 dollars per share. Shares of other social media companies, such as Meta Platforms and Snapchat, were also trading higher.

Musk has 80 million followers on Twitter, the network he joined in 2009 and has used since its inception to make announcements about his companies and business intentions.



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