As we all know, Elon Musk is always making headlines for one reason or another, be it crypto related or anything else through his tweets. Lately, he was making the headlines again when he announced on 4th of April that he has bought a 9.2% stake in Twitter making him the largest shareholder at that time!
Elon Starts Buying Twitter
Elon Musk wants Twitter to be a social media platform, where there is complete freedom of speech! Although he announced his stake in twitter on 4th of April, he had been buying shares since quite some time, almost since the start of 2022.
Top Secret!
By March 14, Elon had already acquired a 5% stake in Twitter, and yet kept it a secret! Elon Musk was accused of violating regulations, and not revealing his stake in Twitter earlier, so that he could buy his shares at cheap prices!
Elon's Twitter Polls
Further on March 24, while the world was unaware of his stake in the ‘microblogging platform', Elon Musk tweeted about the negatives of Twitter and was playing around his Twitter followers.
Musk Announces Stake
On April 4th, the news went public that Musk is the largest shareholder of Twitter with a 9.2% stake and the shares of Twitter jumped about 26% that day!
On the very day, Twitter's desi CEO, Parag Agarwal invited Elon Musk to join the board, which Elon Musk later rejected.
Elon Wants to Buy Twitter
Next Elon Musk offered to buy out 100% of Twitter in an all cash deal for $54.20 per share, valuing the ‘microblogging platform' at about $43 billion!
Musk vs Other Shareholders
Elon has sneakily launched a hostile takeover, and put twitter board and stockholders in a jeopardy. The small investors have welcomed Musk's offer. While, the Saudi prince, who owns close to 5% stake in Twitter, dismissed the offer saying, “it is not close to Twitter's intrinsic value"!
What Next?
Although, Elon is now no longer the largest shareholder of twitter! The Vanguard Group has upped its stake in Twitter to 10.3% making it the largest shareholder.
Also, the twitter is trying their best to throw Elon Musk Out of their company.
Keywords:
