Elon Musk has incredible wealth at his disposal and even a single tweet can make others millions in the cryptocurrency market. He demonstrates its value over and over again when he uses it in revolutionary ways. Musk recently made a poll on Twitter, which showed that 70% Twitter users do not find the platform to be compliant with a democratic ecosystem.

The Tesla CEO then asked his followers if they’d be up for a new social media platform. As most of them signaled in the affirmative, the 50-year old seems to have plans in mind to change the landscape with his recent action.

Musk captured a whopping 9.2% stake in the social media platform, and became its biggest shareholder. The eccentric billionaire had shown interest in changing the status quo of the social media platform only a week prior.

Musk’s stake in the company translate to $2.89 billion. Tom Forte, an analyst from DA Davidson & Co. commented that the billionaire would most likely increase his stake in the company.

Given Elon’s prior comments about wanting to start a social media company, I would say it’s possible that he will increase his stake in Twitter or take a controlling interest in the company sometime soon

Elon Musk’s stock purchase in the platform became public after it was disclosed in a regulatory filing on Monday. Musk’s purchase led to Twitter’s shares surging 27%, which led to the stocks gaining its biggest intraday increase since the company went public in 2013.

What’s your take on this story? Sound off in the comments!

Tags: Elon Musk
Nitish Vashishtha

Nitish Vashishtha is a freelance writer/news correspondent from India. He’s written content for companies like ScoopWhoop and Sportskeeda. He’s been writing about pop-culture, current affairs and pro-wrestling since 2017. While pursuing Master's in Mass Communication with a special interest in Advertising, his key areas of creativity lie in designing, content creation and creative storytelling as well as fictional writing. In his free time, he likes to create new riffs on his guitar, learning about whatever piques his interest, reading books ranging from philosophy to speculative sci-fi and enjoys watching anything HBO (Succession FTW).

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