Twitter Shares Soar More Than 25% After Elon Musk Buys Stake
Tesla CEO Elon Musk is taking a 9.2% passive stake in Twitter. His stake is valued at $2.89 billion, and it could be the first sign of a more aggressive ownership role for the Tesla CEO. He has criticized Twitter for stifling free speech and publicly mused about building a competitor. The news sent Twitter shares soaring during premarket trading Monday. However, some investors have expressed concerns about the new owner’s views on Twitter’s future direction.
Tesla’s chief executive has been a regular user of Twitter, with more than 80 million followers. While Musk has been criticized in the past for his controversial posts, his stake in the company should help ease his regulatory troubles and protect his brand image. This move could mean a bright future for the company. But it’s also possible that Elon may not be a positive move for the company’s stock.
While Musk has not made any public statements about the deal, he has hinted that he could build a rival platform if he wants to make Twitter more profitable. Earlier this month, he conducted a poll on Twitter and found that 70% of its users voted against free speech. He claimed that Twitter was a “public town square” and was undermining democracy by not adhering to the principles of free speech.
Elon Musk has been a frequent user of Twitter since its founding in 2006. His tweets have gained him many fans, and Musk has been in the limelight several times over the years for tweeting about his automaker. However, the latest Twitter news is a major boost for Tesla, as the company’s stock is now more than double what it was last year.
After Elon Musk took a 9.2% stake in Twitter, the company’s stock price soared more than 25% before the open on Monday. It is important to note that the Tesla CEO is not the only investor in the company. He has also frequently clashed with financial regulators over Twitter’s use of free speech. As such, it is crucial that Tesla executives adhere to the principles of free speech.
In a separate SEC filing, Musk disclosed that he had a 9.2% stake in Twitter. The announcement has sparked speculation that Elon Musk’s stake could become more active and aggressive in the future. Moreover, it has a greater impact on Tesla’s stock price than his Tesla’s. The two companies have been criticized for the same things.