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Elon Musk Surpasses Vanguard and BlackRock as Largest Twitter Share Holder, Joe Biden Labels Putin a War Criminal & Oil Climbs on News of More Sanctions

Twitter shares higher, as Elon Musk takes 9% stake in the company

Shares in Twitter were higher to start the week, as news broke that Tesla founder Elon Musk, was now the company’s largest shareholder.

Reports on Monday confirmed that Musk had taken a 9.2% stake in the social media company, which is said to be worth nearly $3 billion.

As of writing this $TWTR was trading over 27% higher on the news, rising to its highest level since November in the process.

💡 Twitters largest shareholders
Elon Musk is now the largest shareholder with a 9,2% stake. Besides Musk, some of the largest and well-known shareholders include: The Vanguard Group (8.39%), BlackRock Fund Advisors (4.56%) SSgA Funds Management (4.54%) and ARK Investment Management (2.15%)

Musk only recently ran a poll on Twitter asking his followers if they believe the platform adhered to freedom of speech, with 70% voting no.

Former CEO, and executive Chairman, Jack Dorsey continues to own nearly 2% of the company.

U.S. President Biden calls for Putin to face “war crime” charges

On Monday, U.S. President Joe Biden labelled Vladmir Putin a war criminal, and called for him to face trial for his part in the war in Ukraine.

This comes after it was reported that there were numerous civilian casualties in Northern Ukraine, close to Bucha. It was reported that a mass grave with close to 300 people was found, with all said to be shot in the back of the head, after having their hands tied behind their back.

💡 Speaking today, Biden said
“This guy is brutal, and what’s happening in Bucha is outrageous and everyone’s seen it, I think it is a war crime… He should be held accountable”.

News of this sent commodity prices higher, with gold rebounding after falling during Friday’s session.

U.S. indices were mainly higher on Monday also.

Oil climbs on news that Russia to face further sanctions

Following the reports of civilian slayings in Ukraine by the hands of Russian forces, many expect further sanctions to be placed on Putin’s government.

According to reports, the European Union is planning to further sanction Russia, with steel and luxury goods set to be targeted.

The EU still remains divided on targeting Russian oil, however the pressure to do so grows by the day.

In addition to the EU, the United States is also exploring further sanctions, with the U.S. Secretary of State Antony Blinken commenting on this yesterday.

Blinken stated that, “We’re tightening the existing sanctions. We’re adding new ones. We’re doing it in full coordination with Europeans and other partners around the world. And one of the results is that the Russian economy is reeling”.

Crude rose to a high of $103.94 on the news.

“People in markets find a way of getting down to the essentials of I have, you want; you have, I want.”

– Audre Lorde.

Eliman Dambell

Senior Market Analyst