Elon Musk (Photo by Theo Wargo/Getty Images for TIME)
The wealthiest person in the world just made a very big power move, as Elon Musk has just bought a large stake in popular social media platform, Twitter. According to reports, Elon Musk spent almost $3 billion of his massive fortune to buy close to 10% into the company—and industry experts are already scrambling to find out what this major move in the tech industry means.
In an unexpected shake-up in both the tech world and the social media space, Elon Musk just used his immense wealth to buy a stake in one of the most popular social media platforms. @Bloomberg reports, Elon Musk is now the biggest shareholder of Twitter, after officially buying a 9.2% stake in company only a week after dropping hints that he was going to do something major to change the social media industry. Musk’s new stake in Twitter is reportedly worth around $2.89 billion, based on estimates on April 1st.
Just last month, Elon Musk asked his 80 million plus followers on Twitter if they believed that the company adhered to the principles of free speech. When over 70% said they did not believe, he then asked them if a new social media platform was necessary, before stating that he was seriously considering starting his own.
As of now, it is unclear exactly what Musk plans to do with his new stake in Twitter, but the tech industry is running wild with speculation about what this could mean. Previously, he also openly criticized Twitter and said it “has the wrong priorities.”
Industry experts point out that Twitter has been under pressure to build newer products—and although the company has had steady growth throughout the years, its stock increase has lagged behind peers in the industry.
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