Elon Musk bought a 92 stake in social network Twitter

Elon Musk bought a 9.2% stake in social network Twitter, which saw its share price soar by 26%

Tesla and SpaceX boss Elon Musk can be described as an active Twitter user, from this podium he discusses decisions that are crucial for the stock market, which has repeatedly caused dissatisfaction with American regulators. Meanwhile, it was revealed today that Elon Musk owns a 9.2% stake in Twitter. The billionaire’s interest in the asset immediately caused the security’s price to rise by 26%.

    Image Credit: TheDigitalArtist/Pixabay

Image Credit: TheDigitalArtist/Pixabay

Already on Friday, the value of Twitter shares owned by Musk rose evaluated to $2.89 billion, and now it’s up at least a quarter if we focus on the stock indicators before the official trading session opens. Most interestingly, the billionaire made the purchase less than two weeks after he criticized Twitter’s leadership for violating the principle of free speech. Musk is now the largest shareholder of the eponymous company, but experts at Wedbush Securities believe he will increase his stake in Twitter’s equity to influence company policy.

Musk has around 80 million followers on Twitter, with whom he likes to talk about the most important topics. The week before last, the billionaire seriously discussed the idea of ​​​​creating a new social platform, which would be based on the principles of justice and freedom of expression, with one of the subscribers. Separately, it’s worth noting that Musk must fight in court attempts by the US Securities and Exchange Commission to scrutinize the Tesla CEO’s key statements on Twitter if they can influence stock prices.

Musk had to pay a total of $40 million in fines for his 2018 declaration of intent to buy back Tesla shares at a price of $420 per share. Now regulators are asking him to prove the consistency of November’s poll about the need to sell 10% of his Tesla stock with the company’s lawyers and its board of directors. Apparently, the poll conducted by Musk on Twitter leadership’s adherence to democratic principles at the end of March is also said to have prompted him to take active steps in the stock market, which resulted in the purchase of a large stake in the Twitter group Society.



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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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