Elon Musk buys nearly 10% of Twitter shares
The information was published during the day on Monday April 4. The CEO of Tesla filed with the Security and Exchange Commission (SEC) a document explaining the acquisition of 73,486,938 shares of Twitter (ticker: TWTR). This represents exactly 9.2% of the shares of the company of the social network, which makes Elon Musk the first majority shareholder.
Listed at New York Stock Exchange (NYSE), Twitter stock was trading at approximately $39.31 each at the close of trading on Friday, April 1. At that price, that values the purchase of Elon Musk at over $2.8 billion.
The share price had already appreciated the news before the markets opened and continued its bullish rally during the day Monday, already printing a huge 29.3% increase mid-session.
Twitter’s share price rises 29% following the announcement
At the same time, even when he doesn’t talk about it, Elon Musk succeeds in influencing the price of Dogecoin (DOGE). Not directly related to the announcement, the Tesla CEO’s favorite cryptocurrency benefited from the announcement to print an increase of 9% in a few hours, reaching the price of 0.153 dollars.
? Discover our list of platforms to buy your first cryptocurrencies
Elon Musk guided by a poll conducted on Twitter?
For more than a year now, Elon Musk has been expressing his concerns about this same social network on Twitter. First, he published a survey in which his community 82.7% agreed that Twitter should be open-source. In a second step, the CEO of Twitter published a new poll:
The consequences of this poll will be important. Please vote carefully.
— Elon Musk (@elonmusk) March 25, 2022
In short, Elon Musk surveyed his community in order to know if “Freedom of expression is essential to the proper functioning of a democracy” before asking the following question: “Do you think Twitter strictly adheres to this principle? ».
Also, the last tweet could have tipped us off. Indeed, the entrepreneur-billionaire leaves an enigmatic: “The consequences of this election will be significant. Please vote carefully”. A tweet that makes sense with today’s announcement.
This acquisition by Elon Musk comes as the social network is exploring various decentralization solutions and expansion in web 3.0. In November 2021, after already integrating more and more blockchain-related technologies, Twitter founded a team dedicated to researching ways to decentralize its platform.
In sum, Twitter, Elon Musk and cryptocurrencies : a trio that should sparkle in the months to come.
? Read also – Twitter launches a dedicated blockchain team to decentralize the social network
Source: SEC; Bloomberg, Trading View
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About the Author : Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of cryptocurrencies to as many people as possible. I am also interested in technical analysis and trading.
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