Tesla founder, Elon Musk, on Monday, April 4, 2022, was disclosed as Twitter’s largest shareholder.
This development is no surprise, as Musk, the world’s richest man is a frequent Twitter user that is known for posting controversial content.
As seen in a document filed with the US Securities and Exchange Commission, Musk acquired 73,486,938 Twitter shares, representing a 9.2% stake in the company.
The newly-acquired stake which is worth $2.89 billion based on Twitter’s share price as of Friday, April 1, is held by the Elon Musk Revocable Trust, of which the billionaire is the sole trustee.
Following the disclosure of this development, Twitter’s shares increased by 25.8% to $49.48 in today’s pre-market trading.
