Elon Musk buys 9.2% stake in Twitter, shares surge 26%

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Elon Musk, chief executive officer of electric carmaker Tesla Elon Musk, has bought 9.2 per cent stake in the social media giant Twitter, multiple news agencies reported citing regulatory filing, leading to the micro blogging’s shares soaring more than 26 per cent in pre-market trading.

According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2 per cent stake in the company. Musk’s shareholding in Twitter is considered to be a passive investment, meaning Musk is a long-term investor that’s looking to minimise his buying and selling of the shares.

With this, shares of other social media platforms, including Meta and Snapchat owner Snap Inc, were also trading higher.

Musk, a prolific Twitter user himself, has often made headlines for his tweets, including asking President Joe Biden to invite his Russian counterpart Vladimir Putin for a combat.

he had earlier also criticised the microblogging platform for its policies, stating that it was undermining democracy by failing to adhere to free speech principles.

In March, the 50-year-old businessman posted a poll on Twitter whether the company adhered to the principles of free speech. After more than 70 per cent of users voted a ‘no’, he asked whether a new platform was needed. Musk also said that he was giving serious thought to starting his own platform.

As of today (April 4), Musk enjoys followership of 80.1 million people. He joined the site in 2009.

(With agency inputs)


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