Elon Musk has bought 73,486,938 shares of Common Stock of Twitter to become the platform’s biggest shareholder. On Monday, in the premarket trading, Twitter shares were up by almost 22 per cent while the performance during the trading hours remains to be seen. The Twitter stock price is currently at around $48, down by almost 9 per cent year-to-date (YTD) while it lower by nearly 38 per cent over the last 1-year. The market capitalization of Twitter Inc. is nearly $31.47B.
From a regulatory filing with SEC, it can be seen that Elon Musk now owns 9.2% stake in Twitter Inc. out of 800,641,166 shares of Common Stock outstanding of Twitter Inc. as of February 10, 2022 as reported in the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2021. The deal is valued at over $3 billion.
Musk reportedly polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own.
Twitter’s Board of Directors have already approved a new $4 billion share repurchase authorization in which they intend to enter into a $2 billion accelerated share repurchase (ASR) and repurchase the remaining $2 billion over time.
In the first quarter, Elon Musk’s Tesla produced over 305,000 vehicles and delivered over 310,000 vehicles, despite ongoing supply chain challenges and factory shutdowns. Tesla will post its financial results for the first quarter of 2022 after market close on Wednesday, April 20, 2022. Twitter had recorded an Annual Revenue Growth of 37% to $5.08 Billion and Average Monetizable Daily Active Usage (mDAU) Growth of 13% to 217 Million in Q4.