Tesla CEO Elon Musk has taken a 9.2% stake in Twitter, purchasing approximately 73.5 million shares, according to a regulatory filing Monday.
Twitter’s shares soared higher on Monday after the news emerged. Shares were marked 20% higher in pre-market trading immediately following publication of Musk’s stake, indicating an opening bell price of $47.20 each.
Elon Musk was thinking of starting his own social media platform
Late last month, Musk said he was giving “serious thought” to starting his own social media company and accused Twitter of “failing to adhere to free speech principles [thus] fundamentally undermin[ing] democracy.” This remark was made given the notion that the site “serves as the de facto public town square.”
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Musk polled his more than 80 million Twitter followers about the state of free speech on the platform, asking if they believed that Twitter “rigorously adheres” to the principle of free speech.
Over 2 million users voted in the poll, and 70.4% stated that they believed Twitter was not committed to protecting free speech.
In response to the results of the poll, Musk asked his followers if there should be a new social media network to replace Twitter. Thousands of users responded to the tweet with many stating that the billionaire should purchase Twitter or create a new platform altogether.
Twitter sees growth of low to mid 20% range in 2022
Twitter said non-GAAP earnings for the three months ending in December were pegged at 33 cents per share, down 13.1% from the same period last year. Group revenues rose 22% to $1.57 billion with $1.47 billion coming from its advertising division.
Looking into the coming year, Twitter said it sees revenue growth in the “low to mid 20% range” and held onto its 2021 guidance that sees $7.5 billion in revenues and 315 million daily active users by 2023.
Musk could become a trillionaire at the age of 52
Musk, who is a frequent Twitter user, could become the world’s first trillionaire by 2024, a new study from accounting firm Tipalti Approve maintains.
Musk currently boasts a net worth of around $200 billion, the highest of any living human. By mid-January of this year, that figure stood at $263 billion. Musk’s profitable work at Tesla is only one contributor to his vast wealth; it is his SpaceX project which has pushed his net worth into the twelve-figure range.
“Since 2017, Musk’s fortune has shown an annual average increase of 129%, which could potentially see him enter the trillion-dollar club in just two short years, achieving a net worth of $1.38 trillion by 2024 at age 52,” the Approve report found.