Elon Musk bought more than 73 million Twitter shares on March 14. When the New York Stock Exchange opened, Twitter stock soared.
CEO of Tesla Motors, founder of SpaceX and inventor of the Hyperloop, South African billionaire Elon Musk has become, according to Bloomberg, the richest man in the world.
By buying 73 million shares of the Twitter platform, Elon Musk took almost $2.9 billion out of its portfolio. Yesterday, at the opening of the New York Stock Exchange, the Twitter action had taken more than 25% (27.12% to 49.97 dollars). Even thanks to this investment, Elon Musk is not on the board of directors of Twitter and has no title within the company led by Parag Agrawal (successor to Jack Dorsey), 37 years old and youngest boss of the SP500 (a stock index that benchmarks 500 of the largest US companies).
9.2% stake in the social network
Thus, Elon Musk took a 9.2% stake in the capital of the social network Twitter. For the analyst of the investment bank Wedbush Securities, Dan Ives, this is only the beginning, the boss of Tesla should invest even more in the heart of the little ‘blue bird’: “We see this passive involvement as just the start of broader conversations with current Twitter executives. These exchanges could lead to a more active role and a more aggressive takeover of the company“.
Expansion in web 3.0
This acquisition of Elon Musk comes as the social network explores various solutions for decentralization and expansion in web 3.0. As for its brand, Tesla, everything is going well for the boss after the good quarterly delivery figures and unlike its competitors, despite the closure of its factory in China due to Covid-19.