Twitter Shares Surged 28% after an SEC filing revealed that Elon Musk holds a 9.2% Stake in it

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Twitter Shares Surged 28% after an SEC filing revealed that Elon Musk holds a 9.2% Stake in it
05 Apr 2022
6 min read

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News Synopsis

On Monday, the share price of the microblogging platform Twitter surged by 28% after regulatory filings in the United States revealed that Tesla and SpaceX CEO Elon Musk has a 9.2 percent passive stake in Twitter. In a regulatory filing in the US Securities and Exchange Commission (SEC) in the US, it was disclosed that the world's richest man, Elon Musk, bought nearly 73.5 million shares in the micro-blogging platform. He has around 80 million followers on Twitter. Last month, Musk said that he is considering creating a new social media platform. While replying to a user, Musk said: "Am giving serious thought to this." Musk has openly criticized social media platforms, including Twitter.  In a Twitter poll, Musk had asked: "do you believe Twitter rigorously adheres to this principle?" and at least "70 percent" of respondents said "no". In response to a poll result, he said: "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done? Is a new platform needed?"

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