Elon Musk's latest business venture has been revealed, as a US securities filing has revealed that the billionaire has snapped up a 9.2% stake in Twitter.
As reported by BBC News, the Tesla founder bought 73,486,938 shares in the social media company back on March 14, according to the Securities and Exchange Commission. Per Twitter's closing price on Friday, Musk's stake in the company is worth an eye-watering $2.89 billion (£2.20bn)
The stake means that Musk is now one of the largest shareholders in the company. Even Twitter founder Jack Dorsey has a holding of just 2.25% - more than four times less than the SpaceX founder. Dorsey stepped down in November 2021 as the company's CEO, being replaced by Parag Agrawal.
In an incredible chain reaction, news of Musk's purchase also sent Twitter shares soaring about 25% in pre-market trading, BBC News adds.
Musk is currently the sixth most-followed person on Twitter, with 80.2 million followers. Barack Obama sits at the top with 131 million followers, followed by Justin Bieber, Katy Perry, Rihanna, Cristiano Ronaldo, Taylor Swift, and Lady Gaga. (Both Ariana Grande and Donald Trump were above Musk prior to their accounts being deactivated.)
The purchase also potentially shines some light on a series of tweets the billionaire made last month regarding the social media platform.
On March 26, Musk asked his followers: "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?"
Musk added in a follow-up tweet: "The consequences of this poll will be important. Please vote carefully."
He also asked his followers: "Is a new platform needed?"
Musk is a frequent user of Twitter, often sharing business updates with his followers, as well as sharing memes and opinions.
At times, it has proven useful, such as when he entered a conversation with Ukraine's Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov.
Their exchange led to Musk activating his Starlink service in Ukraine and the billionaire sending a truck of terminals to the country amid Russia's invasion.
At other times, the social media site has caused Musk a bit of bother, such as the time earlier this year when he reportedly had to offer a teenager $5,000 to remove an account that tracked the billionaire's private jet.
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