Elon Musk is Now the Largest Stakeholder of Twitter After Purchasing 9.2% of the Company

Elon Musk perverbially broke the internet today after it was revealed that he is now the largest stakeholder of Twitter.

The news comes a week after hinting he might shake up the social media industry, as Musk purchased 9.2% of the company.

Twitter shares surged as much as 27% after Musk’s purchase was revealed today in a regulatory filing and the gain marked the stock’s biggest intraday increase since its first day of trading following Twitter’s 2013 initial public offering.

Former CEO and founder of Twitter, Jack Dorsey, owns 2.25% of the company and he quote tweeted Musk last month.

“Twitter algorithm should be open source,” Musk asked at the time in a poll (to which over 80% responded “yes”).

Dorsey replied, “The choice of which algorithm to use (or not) should be open to everyone.”

The choice of which algorithm to use (or not) should be open to everyone https://t.co/o2DkSTWW0O

— jack⚡️ (@jack) March 25, 2022

In a tweet on Saturday, Dorsey admitted, “The days of usenet, irc, the web…even email (w PGP)…were amazing. centralizing discovery and identity into corporations really damaged the internet. I realize I’m partially to blame, and regret it.”

the days of usenet, irc, the web…even email (w PGP)…were amazing. centralizing discovery and identity into corporations really damaged the internet.

I realize I’m partially to blame, and regret it.

— jack⚡️ (@jack) April 2, 2022

In a tweet after the stock purchase was announced, Musk casually said, “Oh hi lol.”

Musk’s replies were filled with various requests, mostly from conservatives hoping that he will reverse Twitter’s numerous bans that have been instituted against leading conservative voices.

Oh hi lol

— Elon Musk (@elonmusk) April 4, 2022