Elon Musk Gets Hands Over 9.2% Twitter Shares After Indicating Shake Up

Elon Musk has acquired a 9.2% stake in Twitter. Inc and has become the largest shareholder of the social media organization.
Elon Musk has remained a prominent personality on Twitter, and is considered as one of the biggest influencers on globe.
Tesla CEO has criticized Twitter’s recent development of display pictures associated to NFTs, asserting that organization has wrong priorities.

Elon Musk Is Now The Biggest Twitter Shareholder

Elon Musk has took possession over 9.2% stake in Twitter Inc. to become greatest stockholder of social media platform. A week after indicating that he may shake up entire social media sector.

Twitter stocks soared by around 26% in premarket trading after regulatory filing announced on Monday, offering details regarding Elon Musk’s acquisition of holding. He bought stakes worth around $2.89 Billion, based on market close on Friday.

Tesla CEO Elon Musk, polled his over 80 Million followers on Twitter previous month, asking them if the organization adheres to liberty of speech. After over 70% users declined, he asked if there is a requirement of a latest platform and stated that he was giving serious thoughts to commencing his own.

A Troublesome Influencer

Musk has remained amongst greatest Twitter personalities and has routinely faced trouble on this social media platform. Tesla CEO is presently searching to exit a 2018 deal with SEC, which puts controls in place associated to his Tweet regarding electric car maker.

This declaration will be yet another core test for latest CEO of Twitter, Parag Agrawal, who took the chair from Jack Dorsey after his departure back in November. He pledged to elevate accountability, make decisions swifter and to better product execution.

Organization had established goals for growth involving elevating annual revenue to $7.5 Billion and reaching 315 Million regular users by end of 2023.

Back in December, Elon Musk posted a cryptic meme after Twitter declared Agrawal as its CEO. In that meme, Agrawal was exhibited as Joseph Stalin, and Jack Dorsey as Nikolai Yezhov being shoved into water.

Twitter is under stress to move swifter in developing latest products. The organization has established ambitious revenue and user growth objectives to convince doubtful investors that it was very serious regarding expansion of its business.

While Twitter has evolved steadily for years, its share gains have remained lower than industry peers.

Elon Musk criticized Twitter’s recent attribute of Profile Pictures associated with NFTs, targeting at organization’s priorities, claiming them to be wrong.

As of this writing, Twitter shares were trading at a market close price of $39.31, and it is expected as soon as the market opens today, it is going to open at a booming price of $48.62.