UPDATE: Just a Few Days After Questioning Twitter, Elon Musk Takes a 9.2% Passive Stake; Shares Explode 25%
2022.04.04 14:23
UPDATE: Just a Few Days After Questioning Twitter (TWTR), Elon Musk Takes a 9.2% Passive Stake; Shares Explode 25%
(Updated – April 4, 2022 6:46 AM EDT)
Shares of Twitter (NYSE:TWTR) are up over 25% in pre-market Monday after Tesla’s (NASDAQ:TSLA CEO Elon Musk disclosed a passive stake in the social media company.
The 13G filing, released this morning, shows Musk acquired 73,486,938 shares of Twitter. Elon Musk now has a 9.2% passive stake in the social media company, a platform that he often uses to communicate with more than 80 million of his followers.
Based on Friday’s closing price of $39.31, the stake is worth nearly $2.9 billion.
Musk’s actions come just a few days after Musk tweeted that he is considering creating a new social media platform.
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?
In another Tweet, the Tesla CEO noted that free speech is essential to a functioning democracy and questioned if Twitter rigorously adheres to this principle.
By Senad Karaahmetovic
