Member-only story
Can Elon Musk Kick-Start Twitter?
The only thing that you can be certain of is that this is going to be a crazy ride!
Elon Musk is considered to be the world’s richest man, thanks to his enormous, and arguably overinflated shareholdings in Tesla, SpaceX and The Boring Company.
This week, he added another billion or so to his paper wealth after it was made public that he’d spent around $2.4 billion on a big stake in Twitter. Twitter’s stock popped over 30% on the news.
Musk now owns around 9% of the company.
The news broke after an SEC filing showed that Musk had been buying up a substantial amount of Twitter stock since the start of 2022.
As the news broke, Twitter’s share price rocketed north and Elon profited (again thanks to Twitter.) Remember, Elon has a history of tweeting to influence the market. Something that has gotten him into hot water with the SEC before, and is likely to do so again. More on this in a minute.
On the news, $13 billion of Twitter stock exchanged hands. The highest daily volume ever for the underperforming social media platform.
