Elon Musk Is Now the Majority Shareholder of Twitter

After somewhat denouncing the social platform and telling his followers that he would potentially begin his own version, Elon Musk has purchased a nearly 10% stake in Twitter, making him the largest shareholder of the company.

Twitter rose over 25% in pre-market trading (up to $47.48 per share) on Monday upon the news of Musk’s stock purchase, which was just shy of 73.5 million shares.

Jack Dorsey, the founder of Twitter, only holds a 2.25% stake in the company, meaning Musk holds a little less than 5 times as much of Dorsey’s holding.

Dorsey took to his own platform to wax nostalgic for the early days of the internet and lament how it’s become more and more centralized in recent years.

“The days of usenet, irc, the web…even email (w PGP)…were amazing. Centralizing discovery and identity into corporations really damaged the internet,” Dorsey penned. “I realize I’m partially to blame, and regret it”

Musk’s purchase comes just over a week after he criticized Twitter and polled his 80 million followers on whether or not the platform imposes limitations on “free speech.”

“Free speech is essential to a functioning democracy,” he wrote. “Do you believe Twitter rigorously adheres to this principle?”

Over 70% of Musk’s followers voted “no,” prompting the Tesla CEO to follow up by asking, “What should be done?” And suggesting that a new platform should perhaps be built.

Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37

— Elon Musk (@elonmusk) March 26, 2022

Musk has found success in recent days after Tesla’s stock skyrocketed upon the news that the company would be seeking investor approval to increase share numbers in hopes of enabling a stock split. 

Musk’s estimated net worth as of Monday morning was $287.6 billion.