Elon Musk spent $2.64 billion on Twitter stock this year: filing

Elon Musk gestures as he speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022.

Jim Watson | AFP | beautiful pictures

Tesla CEO Elon Musk has been purchased Twitter shares almost daily since late January, spending $2.64 billion on his current stake in the company, according to SEC filings on Tuesday.

Disclosure is made through a Submit application 13D, which confirms that Musk has more aggressive intentions in Twitter’s business. On Monday, the company indicated that Musk has 9.2% ownership in the company, but it’s through a Submit application 13Gindicates a passive bet against a holder who does not attempt to control or influence.

Tuesday’s filing said he owned 73,115,038 shares of Twitter, or 9.1% of the company’s shares. At the close of trading, those shares were worth $3.73 billion. Musk crossed the 5% threshold on March 14.

The move to become an active investor follows an announcement by Twitter and Parag CEO Agrawal on Tuesday that the company will appoint Musk to its board of directors.

Musk, according to the latest filings, has been buying shares in his favorite social media company since January 31 and runs through April 1.

The biggest purchase took place on February 7, when he bought more than 4.8 million shares worth $176 million. Twitter stock closed at its lowest level of the year on March 7, at $32.42. Ended January at $37.51.

As long as Musk serves on the board, or 90 days later, he cannot own more than 14.9% of Twitter shares, either as an individual or as a member of a group, according to a Monday filing. .

Minutes after Musk’s profile appeared online, Twitter said that over the next few months it will be testing “an editing feature” that it has been working on since last year. On Monday, Musk posted a Twitter poll asking users if they “want an edit button”, a age-old requirement among account holders. Of the 4 million respondents, 74% voted yes.

On March 25, before Musk revealed his Twitter shares, he asked his tens of millions of followers on the platform: “Freedom of speech is essential to a working democracy. You have believe that Twitter strictly adheres to this principle?” He also suggested that he could start his own social network if followers believe that a social network might be needed.

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