Elon Musk, according to a United States’ Security and Exchange Commission filing, has bought 73,486,938 unit shares of Twitter common stock, which is 9.2% of the total common stock in issuance. This puts the value of the purchase, using the filing date, the 14th of March 2022, at $2.74 billion.
This purchase announcement comes after Musk, the world’s richest billionaire and Dogecoin enthusiast, conducted a Twitter poll towards the end of March 2022. Musk took to Twitter on the 24th of March, to run a poll, asking whether or not Twitter algorithm should be open source.
He then did another poll the following day, asking whether or not Twitter rigorously adheres to the principle of free speech as essential to a functioning democracy. He then commented on his free speech poll stating, “The consequences of this poll will be important. Please vote carefully.”
Wedbush analyst Dan Ives said in a research note that, “It looks like Elon has his eyes laser set on Twitter,” adding that the stake could lead to a “more aggressive ownership role.” Twitter shares surged about 19.56% in pre-market skirmish after Musk’s purchase was revealed.
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