‘That day, Musk didn’t make a mistake when he said he wanted to make his own social media, but it feels like it’s easier to buy from making, right?’
Tesla’s CEO and the world’s richest man, Elon Musk has bought a total of 9.2% stake in Twitter Inc., further potentially making himself the largest stakeholder in the micro -blogging site.
Following Musk's actions, Twitter shares exploded 26% in pre-market trading after he had previously tweeted about the possibility of building his own social media platform.
It also indirectly pushed the shares of other social media firms such as Snap Inc’s Meta Platform and Snapchat to soar.
Currently, Musk owns 73.5 million shares on Twitter and the value of his passive stake in the company is up to US $ 2.9 billion based on the share closing last Friday.
In general, Musk is an active Twitter user with over 80 million followers since joining in 2009.
He often used the platform to make a number of announcements including messing up about a go-rptivate deal for Tesla that became an issue with regulatory oversight.
However, he also often criticized social media platforms and their policies, especially Twitter, saying the company undermined democracy and failed to adhere to the principles of freedom of speech.
Meanwhile, Musk and former Twitter founder and millionaire Jack Dorsey share a similar ideology in terms of rejecting what is called Web3, a less clear term for a decentralized version of the internet utopia.
In addition, Musk is also the CEO and founder of SpaceX as well as leading the brain chip company, Neuralink and infrastructure firm Tech Boring Company.
