Uduegbunam Chukwujama
United States’ Securities and Exchange Commission (SEC’s) new filing has revealed that Tesla chief, Elon Musk, is now one of Twitter’s two biggest shareholders, with 9.2 per cent stake.
The latest filing on Monday revealed that the tech entrepreneur and chief executive of the electric carmaker Tesla had, in a surprise move, taken a 9.2 per cent stake in the social media group.
Musk signed the SEC filing which was dated Monday but he did not immediately make any statement as per why he made the move.
Join our WhatsApp ChannelHis use of twitter to reveal things about Tesla’s financial health has remained controversial.
Although many would consider Musk’s surprise move as an interesting development, it yet remains unclear whether his holding would be termed class A shares.
With many US corporations, the type of shares naturally determines the kind of power the shareholder wields within the corporation.
Significant Class A shares determines the voting power of an entity or individual and how much influence the entity would have on the Board and decision making process.
