Elon Musk Buys 9.2% Stake In Twitter; Becomes Social Media Giant's Largest Outside Shareholder

CBS San Francisco

April 4, 2022

Elon Musk has purchased 9.2% of Twitter stock, sending shares of San Francisco-based social media giant soaring 22% in value early Monday, but also raising questions about what he may try to influence on the platform he has often vocally criticized.

According to a Securities and Exchange Commission 13G filing released Monday, the Tesla founder now owns 73,486,938 shares of Twitter, which rose in value from $2.89 billion on Friday to $3.5 billion after the spike early Monday.

Musk’s filing did not disclose the purpose of the purchase or any plans for the company. But he has been a high-profile critic of Twitter policies in the past. Last month he said he was giving “serious thought” to creating a new social media platform.

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.