Want An Edit Button? Elon Musk Asks After Acquiring Twitter Stake

Elon Musk Discloses 9.2 Percent Stake in Twitter in Regulatory Filing - Sakshi Post

Tesla’s Elon Musk has acquired a 9% stake in Twitter to become its largest shareholder on Monday. Musk, who has 80 million Twitter followers and is very active on the site and has even questioned free speech on Twitter and whether the platform is undermining democracy.

The regulatory filing Monday says Musk bought the shares on March 14, describing him as a long-term investor looking to minimize his buying and selling of the shares. That means that Musk acquired the shares before beginning his public discourse on the First Amendment and Twitter.

Meanwhile, Twitter's stock surged more than 22% at the opening bell Monday. The company did not immediately respond to a request for comment.

Musk told his more than 80 million followers on Twitter that he was “ giving serious thought " to creating his own social media platform and has clashed repeatedly with financial regulators about his use of Twitter.

Musk's revelation about his stake in Twitter shares comes two days after Tesla Inc. posted first-quarter delivery numbers which was slightly below expectations.

Shortly after the November tweets about the Tesla stock sale, Musk began selling off shares, and he wrote on Twitter that the sale would go to pay tax obligations on stock options. Analysts estimate his tax obligation at $10 billion to $15 billion. But some of the money could have been used to buy the Twitter stake.

As per Forbes, Elon Musk has a net worth of about $300 billion - has been reducing his stake in Tesla since November, when he said he would offload 10% of his holding in the electric-car maker. He has already sold $16.4 billion worth of shares since then. With some sales in late December, Musk is close to selling 10% more shares.

A regulatory filing on Monday showed that Musk owns 73.5 million Twitter shares, which are held by the Elon Musk Revocable Trust, of which he is the sole trustee. Vanguard is Twitter's second-biggest shareholder, with an 8.79% stake, according to Refinitiv data. ( Source: AP)

In a Twitter poll on Monday, Musk asked users if they want an edit button, after disclosing the stake. On April 1, Twitter tweeted a message on its official account, saying it was working on an edit button.

Also Read: Let's Get Tesla to Telangana: Tollywood Celebrities Tweet

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