Twitter stock soars after Elon Musk news: What does this mean for the controversial billionaire?
CTV
Tesla CEO Elon Musk’s surprise stake in Twitter is just 'the first strike' to shake up the company, according to a Wall Street executive.
Dan Ives, managing director of U.S.-based investment firm Wedbush Securities, Ives told CTV National News Washington Bureau Correspondent Richard Madan that Musk is laying the groundwork to play a more “activist role” at Twitter
“It’s not been a secret,” Ives said in a recent interview. “Social media, he's not happy in terms of the Twitter platform.”
“If there was a time to strike, this was it and I believe that Musk is going to ultimately force some significant changes at Twitter in the coming months.”
On March 24, Musk bought a 9.2 per cent stake in the social media platform, according to filings with the U.S. Securities and Exchange Commission. The purchase is valued at US$3 billion of Twitter’s closing price and makes him one of the largest shareholders in the company.
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While it remains small compared to established online spaces such as X, Bluesky has emerged as an alternative for those looking for a different mood, lighter and friendlier and less influenced by Musk.