May 19, 2022

Dubai Week

Complete Dubai News World

Elon Musk is a major contributor to Twitter.

Elon Musk is a major contributor to Twitter.

Elon Musk, the US billionaire and CEO of Tesla and SpaceX, the world’s richest man, has bought a 9.2% stake in social networking site Twitter.

Musk has more than 80 million followers on his page on the popular social networking site, which at the time made him the largest shareholder in the company, surpassing the 8.8% stake owned by “Vanguard Mutual Funds Company”. Its founder, Jack Dorsey, has a 2.3% stake.

Muskin’s investments on Twitter were worth about $ 2.89 billion, based on the company’s share closing price last Friday. However, by the end of April 4, 2022, and after the news of the purchase agreement, the share price had risen more than 27% and reached $ 3.7 billion.

The shares make up a small portion of Musk’s net worth of $ 270 billion.

It is unclear exactly what Musk wants his Twitter role to do because he has criticized the company for failing to adhere to free speech policies in recent weeks, arguing that users should be allowed to choose which tweets to view or create which tweets. Their own accounts rather than relying on “Twitter”.

It is unknown at this time what he will do after leaving the post. But Wall Street continues to change the status quo of Twitter by either buying its shares or acquiring the company directly.


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