Elon Musk gestures as he speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022.
jim watson | AFP | Getty Images
Tesla CEO Elon Musk has been buying Twitter shares almost daily since late January, spending $2.64 billion on his current stake in the company, according to an SEC filing on Tuesday.
The disclosure came by way of a 13D filing, which confirms that Musk intends to be more active in Twitter’s business. On Monday, the company reported that Musk held a 9.2% stake in the company, but that was via a 13G filing, indicating passive ownership for a holder who is not trying to exercise control or direction. affecting.
Tuesday’s filing says he owns 73,115,038 Twitter shares, or 9.1% of the company. At the close of trading, those shares were worth $3.73 billion.
The turn to becoming an active investor follows Twitter and CEO Parag Agrawal’s announcement on Tuesday that the company will appoint Musk to its board.
Musk, according to the latest filing, has been buying shares of his favorite social media company since Jan. 31 and running through April 1.
The biggest buy came on Feb. 7, when he bought over 4.8 million shares worth $176 million. Twitter shares closed at their low point for the year on March 7, at $32.42. They ended January at $37.51.
While Musk is on the board, or 90 days after, he can’t own more than 14.9% of Twitter shares, either as an individual or as part of a group, according to Monday’s case.
Minutes after Musk’s filing went live, Twitter said that over the next few months it would test “an editing feature” it had been working on for the past year. On Monday, Musk had posted a Twitter poll ask if users “want an edit button”, a long-standing request among account holders. Of the 4 million respondents, 74% voted yes.
On March 25, before Musk disclosed Twitter’s involvement, he asked his tens of millions of followers on the platform: “Freedom of speech is essential to the functioning of a democracy. Do you believe that Twitter strictly adheres to this principle? He also suggested that he could start his own social network if followers thought he needed it.