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    Twitter CEO shoots down Elon Musk takeover questions at shareholder meeting – National

    Twitter CEO shoots down Elon Musk takeover questions at shareholder meeting – National

    Mark Zuckerberg sued for alleged role in sharing Facebook data with Cambridge Analytica – National

    Mark Zuckerberg sued for alleged role in sharing Facebook data with Cambridge Analytica – National

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    COMMENTARY: Is the vinyl boom creating a new generation of audiophiles? – National

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    Huawei 5G ban could be costly for Canadian consumers, smaller telcos – National

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    Texas family sues Apple, claiming loud Amber Alert damaged son’s hearing – National

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    Twitter CEO shoots down Elon Musk takeover questions at shareholder meeting – National

    Twitter CEO shoots down Elon Musk takeover questions at shareholder meeting – National

    Mark Zuckerberg sued for alleged role in sharing Facebook data with Cambridge Analytica – National

    Mark Zuckerberg sued for alleged role in sharing Facebook data with Cambridge Analytica – National

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    COMMENTARY: Is the vinyl boom creating a new generation of audiophiles? – National

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    Banning Huawei, ZTE won’t address all 5G security vulnerabilities, experts warn – National

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    Huawei 5G ban could be costly for Canadian consumers, smaller telcos – National

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    Texas family sues Apple, claiming loud Amber Alert damaged son’s hearing – National

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    Johnny Depp trial: Psychologist testifies actor assaulted Amber Heard – National

    Amber Heard expected to take stand again as Johnny Depp defamation trial winds down – National

    CF Montreal on to Canadian Championship semi after dumping Forge FC

    CF Montreal on to Canadian Championship semi after dumping Forge FC

    Josh Duggar, ex-reality star, sentenced to 12 years in jail for child porn – National

    Josh Duggar, ex-reality star, sentenced to 12 years in jail for child porn – National

    Officers say no injuries seen on Amber Heard after fight with Johnny Depp – National

    Johnny Depp vs. Amber Heard: Actor’s ex Kate Moss expected to testify – National

    Johnny Depp witness cryptically contradicts key Amber Heard witness – National

    Johnny Depp witness cryptically contradicts key Amber Heard witness – National

    Hedley frontman Jacob Hoggard’s cross examination continues

    Hedley frontman Jacob Hoggard’s cross examination continues

    Oilers strike early and late to beat Flames 5-3 in Game 4

    Oilers strike early and late to beat Flames 5-3 in Game 4

    Dave Chappelle attacked onstage by man armed with replica gun – National

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    Johnny Depp’s severed finger story has flaws, surgeon says in Amber Heard trial – National

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Elon Musk buys 9.2% stake in Twitter, becoming its largest shareholder – National

by The Frontier Times
April 4, 2022
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Elon Musk buys 9.2% stake in Twitter, becoming its largest shareholder – National
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The world’s richest man, Elon Musk, spent almost $3 billion to secure a 9.2 per cent stake in Twitter, making the billionaire founder of Tesla and SpaceX the largest shareholder of the social media platform.

Filings made with the US Securities and Exchange Commission on Monday show that Musk now owns just over 73 million shares in Twitter, a platform on which Musk has over 80 million followers; the billionaire businessman has the eighth most-followed account on Twitter.

If the billionaire had bought the shares at Friday’s closing price, Musk’s purchase would have cost approximately US$2.89 billion. Trading early Monday following the news of the purchase saw Twitter’s shares rocket up as much as 26 per cent, adding another $8 billion to Twitter’s market value.

Read more:

Hong Kong’s Carrie Lam will not seek second term as chief executive

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Musk’s shares are now worth around $3.6 billion, meaning the billionaire added around $700 million to his net worth in one weekend.

Musk’s investment is classified as a passive stake, meaning that he won’t take an active role in running the social media giant, but some analysts are saying that this could be the start of Musk playing a more aggressive role in Twitter’s management.

Just last week, the billionaire tech founder said he was “giving serious thought” to building a social media platform of his own.

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Is a new platform needed?

— Elon Musk (@elonmusk) March 26, 2022

The purchase of the 9.2 per cent stake means that Musk owns about quadruple the amount Twitter founder Jack Dorsey owns (2.25 per cent) in the company he started.

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Musk is often in the news with Twitter-related antics. In 2018, he was forced to resign as chairman of Tesla after an SEC investigation. The probe was prompted when Musk tweeted that he was considering taking Tesla private at $420 a share.

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The billionaire was also embroiled in a defamation lawsuit after calling a British cave explorer who helped rescue a group of boys stuck in a cave complex in Thailand a pedophile on Twitter.


Click to play video: '‘Clown… edgelord… showman’: Elon Musk named Time’s ‘Person of the Year’'






2:18
‘Clown… edgelord… showman’: Elon Musk named Time’s ‘Person of the Year’




Musk also recently welcomed his second child with music star Grimes — his seventh child overall.

© 2022 Global News, a division of Corus Entertainment Inc.





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