On April 4, according to a Securities and Exchange Commission filing,Tesla CEO Elon & Middot; Musk already owns 73,486,938 common shares of Twitter, or 9.2 percent of the company's common stock, which is worth $2.89 billion based on Friday's closing price.
According to twitter's filing at the end of 2021, the single largest shareholder is VANGUARD GROUPINC, which owns 8.8% of twitter's total equity. Musk has now replaced Pioneer as Twitter's single largest shareholder.
But The stock isn't a big deal for Musk -- he's worth more than $273 billion at tesla's latest share price -- and even buying twitter outright (with a market cap of $40 billion) wouldn't be a stretch.
And Twitter's return on investment hasn't been great. Over the past two years,Twitter's stock has languished, racking up losses of nearly $1.5 billion.
So what is musk's main reason for buying into Twitter?
In response, Cathy & Middot, founder of Ark Investment Management co., LTD. Wood speculated that Tesla CEO Elon Musk's stake in social media giant Twitter (TWTR) could open the door to a management shake-up at the company.
Wood said in an interview,Musk sent a letter to Parag & Middot, the current CEO of Twitter; "This could lead to another leadership change."
Musk is a heavy user of Twitter, with more than 80 million followers, and a hugely important voice for Tesla and himself, but now Musk is not happy with the current CEO.
Musk reportedly dislikes Agarwal, who took over as CEO of Twitter last December, and has publicly mocked and questioned Agarwal several times on Twitter.
Dorsey, the former CEO, is a friend musk admires. In 2020, Musk publicly backed Dorsey. At the time, institutional investors, unhappy with Dorsey's dual role as CEO of both Twitter and Square, were pressing dorsey to step down as Twitter's stock price and performance continued to slump.
Dorsey finally stepped down as CEO of Twitter in December and announced that he was stepping down from the board to completely step back from Twitter operations to focus on his role as CEO of Square. Mr. Agarwal, Twitter's former CTO, was replaced as CEO.
But Musk seems to be very unhappy with the new CEO, who is of Indian origin. He openly mocked the new CEO on Twitter, even using historical photos of Stalin and Yezov,P took agarwal's and Dorsey's profile pictures, insinuating that Twitter had kicked dorsey out.
Mr Musk has suddenly taken over as Twitter's largest shareholder, and is likely to try to meddle with management by increasing his influence on the company's board.