Elon Musk Spends $2.9 Billion on 9.2% Stake in Twitter

Following his tweets on whether Twitter adheres to its free speech policy well enough and hinting at the possibility of acquiring a social media platform last week, Elon Musk has now acquired a 9.2% stake in Twitter, according to a regulatory filing.

The acquisition was estimated at 73,486,938 shares valued at $2.89 billion, going by Friday’s price close.

“It looks like Elon has his eyes laser set on Twitter,” said Wedbush analyst Dan Ives in a research note, adding that the stake could lead to a “more aggressive ownership role.”

Last Week, Investors King had reported that Elon Musk in a series of tweets and a Twitter poll revealed he was seriously considering acquiring a social media platform.

70.4% of the 2.035 million people that voted said No as shown above while people that voted in support of Twitter were just 29.6%.

Musk, 50, had repeatedly claimed he is a free speech absolutist and refused all calls to block the Russian state from accessing Starlink Internet.

He said “Starlink has been told by some governments (not Ukraine) to block Russian news sources. We will not do so unless at gunpoint.”

Price of Twitter shares rose by 26% in premarket on Monday after Elon Musk’s purchase was made public. Elon Musk is now Twitter’s largest shareholder.

Elon Musk is one of the few billionaires using social media to directly interact with his huge global fanbase.