Elon Musk, the vastly wealthy Tesla chief executive has purchased a 9.2 percent stake in Twitter.
Musk has surpassed Vanguard and Twitter‘s previous CEO, Jack Dorsey, as the company’s largest shareholder.
This comes as a surprise, given that the billionaire has recently criticized the firm for its content moderation measures.
By the end of Monday, April 4, word of his buy-in had propelled Twitter’s stock price up more than 27 percent.
Despite his fondness for discussing everything on Twitter — from business ideas, insults, and jokes to his time at a famous Berlin nightclub this past weekend , he was unusually quiet about the acquisition of the company’s shares.
It’s unclear what Mr. Musk intends to do with his Twitter investment.
Elon Musk‘s investment in Twitter comes at a critical moment for the San Francisco-based firm. Mr. Dorsey stood down as CEO in November and wants to quit the company’s board when his term expires this year.
Twitter would leverage that endeavor to put online power in the hands of its people, challenging behemoths like Meta, the owner of Facebook and Instagram.
Source: The New York Times