Elon Musk could be taking over at Twitter. A new report from ABC News reveals that the 50-year-old now owns a 9% stake in the social media company, making him the largest shareholder shortly after he raised eyebrows by using the platform to question its own free speech and First Amendment policies.
It’s been noted that the ultimate aim of Musk’s nearly $3 billion purchase – which got him 73.5 million shares – remains unknown. In late March, he sent out a message to his 80 million followers, asking them to consider whether or not Twitter could be undermining democracy.
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On Monday (April 4th) a U.S. Securities and Exchange Commission filing was made public, revealing that the event triggering the filing for Musk’s purchase took place on March 14th. “His stake meets the criteria for being a long-term ‘passive’ investor, one looking to minimize buying and selling of shares,” ABC explains.
Elsewhere on his Twitter page, the South African native has been open about his interest in the possibility of creating an app to rival Twitter. In a note to investors, CFRA Analyst Angelo Zino wrote that “Twitter could be viewed as an acquisition target because the value of its shares have been falling since early last year.”
CEO Jack Dorsey stepped down from his role last November, and Musk’s stake is now four times the size of the former head – who was previously the largest individual shareholder.
“Musk’s actual investment is a very small percentage of his wealth, and an all-out buyout should not be ruled out,” Zino continued.
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