Tesla chief Elon Musk has acquired a 9.2% stake in Twitter costing £3bn and he now “the largest single shareholder of the company.” According to regulatory filing the Telsa boss purchased 73.5m of shares.
Musk has been asking questions over “free speech” on Twitter and is also “giving serious thought” to create his own social media platform.
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” he tweeted.
Dan Ives of investment firm Wedbush Securities said of Tesla chief’s buy in a client note early on Monday, “We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter.”
Twitter’s share price was trading 25% up in pre-market deals on Monday.