Earlier this week, it emerged that Elon Musk had been buying Twitter shares as if there was no future. The eccentric billionaire is now the largest shareholder in the social media platform.
So, what else do we know about Musk’s interest in Twitter? And why is it important that he chooses the latest investment? Let's take a look.
Who is Elon Musk?
Elon Musk is an engineer and technology entrepreneur best known for his contributions to PayPal, SpaceX, DeepMind Technologies, Tesla and The Boring Company.
Recent estimates suggest that their worth is more than $ 260 billion ($ 200 billion), making him the richest person in the world.
Unlike other billionaires, Musk often speaks freely and is a media person. From suggesting that people live on Mars soon and presenting America's premier TV show Saturday Night Live to spark controversy in the world's largest podcast, Musk's name is not far off in the headlines.
What do we know about Musk's post on Twitter?
It has been revealed that Elon Musk has been 'doing nothing' when buying Twitter shares. The businessman currently owns 73.5 million shares of social media, which is equivalent to 9.2% of the company. Musk's capture now makes him the biggest shareholder in Twitter.
Following the news, a social media giant announced that Musk would join the Twitter board as Director of Class II.
Twitter CEO Parag Agrawal welcomed Musk to his new role. He said: “Through discussions with Elon in recent weeks, it was clear to us that he would bring great importance to our Board.
“He is a zealous believer and very critical of the ministry, which is exactly what we need on Twitter, as well as on the board, to make us strong in the long run. Welcome, Elon! ”
Why does Elon Musk’s big Twitter stake matter?
Elon Musk is an effective Twitter user. He regularly shares his thoughts, ideas and concerns with his 80 million followers. While he was a celebrity, some of Musk's critics accused him of fraud in the past market, following his tweets' comments about the future of his Tesla organization.
Despite the fact that not everyone likes fans, it is fair to say that Musk remains a Twitter fan. It can be said that his recent purchase of millions of shares suggests that he thinks the platform still has room for growth.
Stock Markets clearly agree. Following the revelation that Musk has been buying Twitter shares, the price of social media has increased by 30%. This resulted in Musk's stake being raised by $ 3 billion.
One Twitter share now stands at $ 50.77 from Thursday 7 April. It is interesting to note that there has always been more or less this level since the news broke about Musk's important capture.
What are the concerns about Musk buying Twitter shares?
Despite helping Twitter price increase, some users are not happy with Musk's recent investment decision. This is because Musk has suggested that Twitter should allow free speech. This could suggest that the millionaire wants to relax his existing research rules. Musk has previously suggested he may establish his own social media platform.
Some critics have also expressed concern about Musk for wanting to expand his stake on Twitter to make a greater impact on the way the company is run. However, it should be noted that his contract to join the board limits the number of shares he can purchase. This is because, under the agreement, Musk is unable to hold more than 14.9% of the outstanding Twitter stock in his time, and 90 days after that.
How can you buy shares on Twitter?
Twitter Inc is listed on the New York Stock Exchange. Therefore, if you wish to buy shares in the company, you will need to do so with a share account that allows you to purchase US shares. IG and Saxo Markets are two suppliers who allow this.
Remember that when it comes to buying US stocks, you will need to fill out a W-8BEN form to pay US taxes.
As with any investment, keep in mind that your investment may go down and up.
They just revealed what they believe are the ten best stocks for investors to buy right now…
Courtesy Grizler.com
