Musk made more in a day from news about Twitter shares than the social network has ever made
The company’s shares soared by 27%, and Musk’s share rose in just one day
On March 25, Elon Musk launched a survey among his subscribers on whether Twitter adheres to free speech, adding that its results will be very important. The majority answered in the negative. The billionaire said that by not observing this principle, Twitter “undermines democracy”, and began to argue what should be done about it – for example, launch a new social network. Someone suggested that the businessman simply buy the company, which is now worth a little over $40 billion.
As it turned out from the documents of the US regulators, by that time – or rather, by March 14, to be exact – Musk owned 73.5 million ordinary shares of Twitter and was its largest shareholder. The general public learned about it only on Monday.
And the investment has already paid off: on the news, the company’s shares soared by 27%, and Musk’s share rose in just one day — albeit “on paper” — by about $780 million. According to Statista, this is more than all of Twitter’s profits over the past three years and in general for the entire period of the existence of the social network.
Musk was later announced to be on the board of Twitter. Apart from the button to edit tweets, it is not yet known how this will affect the development of the platform. However, the entrepreneur promised that the first meeting of directors would be … carbon monoxide.