Elon Musk buys 9.2% stake in Twitter
Tesla CEO Elon Musk has acquired a 9.2% stake in Twitter, the social media giant disclosed in an SEC filing on Monday, making him the largest individual shareholder in the company.
Musk is yet to issue a public statement about the acquisition, but the billionaire previously indicated that he wanted to see changes at Twitter and even hinted at building a rival platform.
According to the Financial Times, Musk will become the company's largest shareholder, with a stake four times that of founder Jack Dorsey's 2.25%.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk tweeted last month. "What should be done?"
When an investor purchases 5% or more of a company's stock, they must report the transaction to the Securities and Exchange Commission. Although a holding of less than 10% in a firm is deemed "passive" by Wall Street, this could signal an effort by Musk to take a more active role in how Twitter is run.