According to an SEC filing on Tuesday, Tesla CEO Elon Musk has been buying Twitter shares on an almost daily basis since the end of January, paying $2.64 billion for his current holding in the firm.
The information was revealed in a 13D filing, indicating that Musk intends to become more involved in Twitter’s operations. Musk had 9.2 % ownership in the company as of Monday, according to a 13G filing, which indicates a passive stake for someone who isn’t trying to exert control or influence.
According to the report, he holds 73,115,038 Twitter shares, or 9.1% of the corporation. Those shares were valued $3.73 billion at the closing of trading. On March 14, Musk surpassed the 5% mark for the first time.
The flip to becoming an active investor comes after Twitter CEO Parag Agrawal announced on Tuesday that Musk will be appointed to the company’s board of directors.
According to the most recent report, Musk has been buying shares in his chosen social media firm since January 31 and will continue to do so until April 1.
On Feb. 7, he made the highest buy, purchasing more than 4.8 million shares worth $176 million. On March 7, Twitter’s stock hit a new low for the year, closing at $32.42. They were $37.51 at the end of January.
According to Monday’s filing, Musk can’t possess more than 14.9 percent of Twitter’s stock as an individual or as part of a group for as long as he’s on the board, or for 90 days afterward.
Twitter said minutes after Musk’s filing that it will test “an edit feature” that it has been working on since last year in the coming months. Musk polled Twitter users on Monday, asking if they “want an edit button,” a long-standing request among account holders. 74 percent of the 4 million responders said yes.
Before revealing his Twitter stake on March 25, Musk asked his tens of millions of Twitter followers: “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle? ” He also hinted that if his fans thought it was necessary, he might start his own social network.