Elon Musk Expected To Take Controlling Stake In Twitter Soon

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.

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