Elon Musk, the Chief Executive Officer of Tesla Inc, disclosed his twitter stakes by sharing the percentage of shares. He owns a total of 9.2% stakes in Twitter, becoming the single largest stakeholder on Twitter.
The stakes hold a cost of 73.5 million dollars, his passive stakes can cost around 2.9 billion dollars based on the latest price of the shares on Friday.
There has been a number of rumours around this micro-blogging platform, as Elon Musk once questioned Twitter’s dedication towards free speech and rights on the platform. Though the feud never affected his Twitter account, Musk’s profile has more than 80 million followers, he first joined Twitter in 2009. Elon Musk actively posts on Twitter, especially to make important announcements about his personal and professional life. He has received scrutiny many times on the platform.
Recently Musk posted that he is having some serious thoughts about building a new social media platform that is more reliable and would focus more on the freedom of speech. This statement affected the share market, soaring the stakes of social media platforms. From Snap Inc to Meta Platforms and Twitter, the shares were trading high all day.
Due to the constant critical assessment by Elon Musk on the social media platforms, the experts believed that he would soon launch a new platform in competition with Twitter. However, the CEO of Tesla, Elon Musk and Twitter’s co-founder, Jack Dorsey came on the same grounds and the discussion led to demolishing the new project Musk was claiming to launch. For now, the feud is seemingly off, the share market is showing fluctuation and many shareholders are investing in the stakes of social media platforms.