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Billionaire Elon Musk becomes Twitter’s largest shareholder

Billionaire Elon Musk.

News of the purchase sent shares of Twitter (TWTR) soaring 22% in early trading.

Billionaire Elon Musk He did not disclose how much he paid for the shares, but his stake was worth $2.9 billion at the end of trading on April 1 and hit $3.5 billion after a spike at the beginning of 4/4.

Musk’s filing does not reveal the purpose of the purchase or any plans for the company. Meanwhile, whenever an investor purchases 5% or more of a company’s stock, they must disclose this purchase in a filing with the Securities and Exchange Commission.

Last month, the billionaire said he was giving “serious thought” to creating a new social media platform.

Billionaire Elon Musk becomes Twitter's largest shareholder - Photo 1.

While a stake of less than 10% in a company is considered “passive” in the eyes of Wall Street, it could signal an attempt by Mr. Musk to take a more active role in how Twitter is run. That’s one of the factors that drives other investors to buy stocks and drive prices up.

“I think he has aggressive intentions and forces change at Twitter,” said Dan Ives, technology analyst at Wedbush Securities.

Even if Musk doesn’t try to change the way Twitter works, Musk’s share purchase could get some other activist investors involved, Ives said. “One way or another, he will change the direction of Twitter,” said expert Ives.

It’s probably not realistic for Musk or anyone else to try to start building a new competitive platform from scratch, Ives added. So it makes more sense for billionaire Musk to try to change operations at Twitter itself.

Twitter did not immediately respond to a request for comment on Musk’s investment.

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