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Elon Musk becomes Twitter’s largest shareholder at 9.2%. What tweet’s next?

BBC | Jane Wakefield | Apr 5, 2022

Musk largest shareholder twitter - Elon Musk becomes Twitter's largest shareholder at 9.2%.  What tweet's next?Elon Musk didn't actually tweet about his new stake in Twitter, which for an avid tweeter seemed somewhat ironic. Maybe it was because the 9.2% he now owns is described as a passive stake, although those who know Musk do not expect it to stay that way for long. His first move was to launch a poll - asking whether people want an edit button, something long called for and perhaps something he personally needs. The new announcement that he will join Twitter's board comes as no surprise.

In a tweet on Tuesday, Twitter chief executive Parag Agrawal said:

"through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board".

Shares in the platform soared following Monday's revelation that the Tesla founder had become the largest shareholder in the company - meaning that stake has already grown in value and is now worth more than $3bn.

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Musk's shareholding is four times greater than that of Twitter founder Jack Dorsey, who stepped down as chief executive in November.

Musk has something of a love-hate relationship with Twitter. He is a frequent tweeter, with more than 80 million followers - and no stranger to controversy in his interactions on the social media site.

The platform seems to suit his impulsive personality - last year he famously asked if he should sell 10% of his stock in his electric car firm Tesla, to which Twitter users said 'yes'. It led to Musk selling around $5bn (£3.7bn) of shares in the firm in November.

Musk uses Twitter not just as a barometer for how he runs his own companies, but also increasingly to take the temperature of the nation.

Last month, after he had lodged his investment with the SEC - but before his shareholding became public knowledge - he asked users whether they believed that free speech was essential to a functioning democracy and whether Twitter adheres to this principle.

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And it seems most likely that it will be from this Twitter account that Musk will let the world know what he intends to do next.

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NCFA Jan 2018 resize - Elon Musk becomes Twitter's largest shareholder at 9.2%.  What tweet's next?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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