Twitter shares rose 25 percent in pre-open trading after the announcement. Tesla founder Musk bought more than 73 million Twitter shares on March 14, according to the US Securities Exchange Commission.
Musk's share is reportedly worth more than $2.8 billion, according to Twitter's closing price on Friday. Musk has thus become one of Twitter's largest shareholders, almost 4 times more than Twitter founder Jack Dorsey.
On the other hand, Musk also states that he is "seriously considering" establishing a new social media platform.Musk sent out a post to his Twitter followers last month asking if the platform sufficiently promoted the right to freedom of expression.
In his post, Musk told his followers, "Freedom of expression is one of the cornerstones of democracy. Do you think Twitter complies sufficiently with the principles of freedom of expression? Is a new platform necessary?" posed the questions.
Musk often shares new news about companies he owns on Twitter, such as SpaceX and Neuralink, and sometimes shares funny images that his followers love. However, some of Musk's posts cause controversy.
Responding to the statement that only 2% of the wealth of the head of the United Nations World Food Program (WFP) can completely eradicate hunger in the world, Musk demanded an explanation of how 6 billion dollars will eradicate hunger.
Tesla's market value reached over $1 billion by the end of 2021. Tesla thus became the fifth company to rise to this value after Apple, Microsoft, Amazon and Alphabet. Immediately after that, Musk sent out a survey to his Twitter followers asking if they would recommend selling 10 percent of Tesla shares.
More than 3.5 million Twitter users voted, with almost 58 percent suggesting it sell. Musk then sold $5 billion worth of Tesla shares.
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