The founder of Tesla has recently made a big move. Elon Musk is now Twitter’s biggest shareholder. He used to be one of the earliest users of the Clubhouse app. Before the month of March ended, he created a poll showing that Twitter failed to promote free speech.
In a regulatory filing yesterday, Elon Musk showed that he took a 9.2% stake in Twitter, Inc. That is equivalent to $73.5 million of shares. Twitter shares surged by 27% in the stock market after the announcement. Most of them said that Elon Musk’s interest is different from Ryan Cohen’s goal to turn Twitter into the “Amazon of gaming.” They said that, for Musk, the interest is to become an “uncancellabled” in the platform despite his controversial tweets.
Elon Musk is now Twitter’s biggest shareholder as of 04 April 2022.
Implications for Marketers:
As Elon Musk is now Twitter’s biggest shareholder, it can help marketers boost branding on Twitter. Having the richest person in the world as a Twitter stockholder can build confidence and trust in the Twitter nation.