Tesla CEO Elon Musk becomes largest Twitter shareholder; bad news for Parag Agrawal?

Elon Musk, the founder of Tesla and SpaceX, has bought a 9.2% stake in Twitter. It led to a huge jump in Twitter’s share price today.

Elon Musk, the founder of Tesla and SpaceX, has taken a 9.2 percent stake in Twitter to become the platform’s largest shareholder. Musk has been one of the biggest highlights on the platform for years and now he has become a co-owner of the platform with a massive share purchase. Musk’s purchase of Twitter stock makes him the owner of about 73.5 million shares, which he bought on March 14, the Securities and Exchange Commission suggested. Twitter CEO is Indian-born Parag Agrawal who had shockingly replaced co-founder Jack Dorsey at the top. This is considered a passive investment by Musk, meaning he will be a long-term investor in Twitter. That also means his buying and selling of Twitter stock will be kept to a minimum, AP reported. However, this surprising news comes a week after Musk suggested he might be shaking up social media! Considering he’s rocking Twitter with his fiery tweets, it was assumed he would make a really controversial tweet rather than actually buy a large share of the platform.

On March 25, he had polled his Twitter account, writing, “Freedom of speech is essential to a functioning democracy. Do you believe Twitter adheres strictly to this principle?” He received 70.4 percent ‘Noes’. Responding to the same poll’s tweet thread, the Tesla founder replied: “Since Twitter acts as the de facto public town square, failing to adhere to the principles of free speech fundamentally undermines democracy. What needs to be done?” In fact, this was apparently a poll against Parag Agrawal.

Elon Musk vs Parag Agrawal?

While Musk has not given any indication, as the largest shareholder, he will try to make changes and mold Twitter more into his own image. How that will affect Parag Agrawal is still unclear, but what is clear is that he isn’t exactly fond of the Indian who posted a horrific meme comparing Agrawal to the murderous Soviet dictator Joseph Stalin after the Indian co-founder Dorsey replaced at the helm of Twitter. You can read that shocking story of Musk vs Agrawal here

And there he publicly asked whether there is a need for a ‘new platform’. He has always been an active user of Twitter, sharing updates from the companies he owns, Tesla, SpaceX and Neuralink, with his more than 80 million followers. He also shares tweets about his family.

Meanwhile, Twitter stocks skyrocket…

On Monday, Twitter shares rose more than 25 percent in pre-market trading shortly after the purchase of Elon Musk was revealed in a regulatory filing. According to Friday’s closing price, the stake is worth about $2.89 billion. Meanwhile, shares of Elon Musk’s electric car maker Tesla rose slightly.

“We would expect this passive stake to be just the start of broader discussions with Twitter’s board/management that could eventually lead to an active stake and potentially more aggressive ownership role from Twitter,” WedBush Securities’ Dan Ives wrote in a statement. early stage in a customer invoice. AP reports this on Monday.

The revelation about Elon Musk’s stake in social media platform Twitter comes just days after Tesla’s lackluster first-quarter production numbers. The electric car company delivered 310,000 vehicles during this period.

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.