Elon Musk is gesturing during a Starbase SpaceX press conference near the village of Boca Chico in South Texas on February 10, 2022.
Jim Watson AFP | Getty Images
Tesla CEO Elon Musk has been buying Twitter stock almost daily since late January, spending $ 2.64 billion on his current stake in the company, the SEC said in a statement on Tuesday.
The disclosure came through a 13D file confirming that Musk intends to be more active in the Twitter business. On Monday, the company revealed that Musk owns 9.2% of the company, but this was through 13G documents, indicating a passive share for the owner, who is not trying to exert control or influence.
A statement on Tuesday said it owned 73,115,038 shares of Twitter, or 9.1% of the company. At the time of closing, the shares were worth $ 3.73 billion. On March 14, Musk surpassed the 5% threshold.
The transition to becoming an active investor comes after Twitter and CEO Parag Agraval announced on Tuesday that the company would appoint Mask to its board of directors.
Musk, according to the latest statement, has been buying shares of his preferred company on social media since Jan. 31 and lasted until April 1.
The biggest purchase came on Feb. 7, when he bought more than 4.8 million shares worth $ 176 million. Shares of Twitter closed at a low for March 7 – $ 32.42. They ended January at $ 37.51.
As long as Musk is on the board or 90 days after that, he may not own more than 14.9% of Twitter’s shares either as an individual or as a member of the group, according to Monday.
Minutes after Mask’s statement surfaced online, Twitter said it would test the “editing feature” it had been working on since last year for the next few months. On Monday, Musk published Fr. Twitter poll the question of whether “users want an edit button” is a long-standing request from account owners. Of the 4 million respondents, 74% voted in favor.
On March 25, before Musk revealed his stake in Twitter, he asked his tens of millions of followers on the platform: “Freedom of speech is important for a functioning democracy. Do you believe Twitter strictly adheres to this principle?” He also suggested that he could create his own social network if followers thought it might be useful.