Elon Musk has invested $2.9 billion in Twitter. Elon Musk has invested $9.2 million in Twitter, making him the platform’s largest shareholder just a week after hinting that he may shake up the social media industry.
The stock of Twitter increased by approximately 26 percent in premarket trading on Monday following the release of a regulatory filing detailing Musk’s acquisition of the company. Based on the closing price of the stock market on Friday, the stake is worth approximately $2.9 billion.
Musk, 50, polled his more than 80 million Twitter followers last month, asking them if the company adheres to the principles of free expression. Musk is the CEO of Tesla Motors. After more than 70% of respondents said no, he inquired as to whether a new platform was required and stated that he was seriously considering starting his own.
Musk is one of the most well-known personalities on Twitter, and he has gotten himself into a lot of trouble on the social media platform. A 201 agreement with the United States Securities and Exchange Commission, which placed restrictions on Musk’s ability to tweet about Tesla, is currently being challenged by the electric-car maker’s chief executive officer, Elon Musk.
Parag Agrawal, the new Twitter CEO who took over for Jack Dorsey after the latter unexpectedly stepped down in November, will face yet another major test as a result of the announcement. Agrawal pledged to increase accountability, make decisions more quickly, and improve product execution in the coming year.
The company has set lofty growth targets, such as increasing annual revenue to $7.5 billion and reaching 315 million daily users by the end of 2023, among other things.
Musk shared a cryptic meme in December, shortly after Twitter announced that Agrawal would succeed Dorsey as the company’s chief executive officer. It showed Agrawal, dressed as Soviet dictator Joseph Stalin, and Dorsey, dressed as Soviet secret police chief Nikolai Yezhov, being dragged into water by a rope.
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Twitter is being pressed to develop new products more quickly in order to keep up with demand. The company has set lofty revenue and user growth targets in order to persuade skeptic investors that it is serious about growing its business and expanding its reach.
Despite the fact that Twitter has grown steadily for years, its stock has lagged behind its industry peers in terms of growth. Founder and CEO Elon Musk has criticized Twitter’s recent development of profile pictures linked to non-fungible tokens, claiming that the social media company is focusing on the wrong things.