Elon Musk buys 9.2% stake in Twitter, Twitter shares jump up to 28%

Tesla CEO Elon Musk has bought 7.35 crore shares of this social media company, which is a 9.2% stake in the company. After this news, Twitter’s shares increased by 28.49%. Recently there was news that Elon Musk can start his own social media platform. But now he has started increasing investment in Twitter Inc.

Elon Musk, the world’s richest man and CEO of American electric car company Tesla, has bought a 9.2% stake in Twitter Inc., the operator of the micro-blogging site Twitter. Musk has been critical of Twitter’s policies. Every day he has been tweeting about it.

Recently, he also did a poll on Twitter on the issue of expressing his opinion with freedom of expression. After this, it was speculated that he might start a social media platform of his own.

Elon Musk
Elon Musk

Musk bought 7.35 million shares of Twitter

This information was given to the US stock markets by Twitter on Monday. According to information given to the US market regulator US Securities and Exchange Commission, Elon Musk has bought 7.35 million shares of Twitter Inc. This social media company owns a 9.2% stake. Following this news, Twitter’s shares rose 28.49% to $50.51 in pre-market trading. However, the regulator filing did not say at what price Musk bought the Twitter shares. But based on Friday’s closing price, the value of 9.2 percent of the shares works out to $ 2.89 billion.

Criticizing Twitter’s policies

Tesla CEO, who has been critical of Twitter’s policies, recently said in one of his tweets that Twitter has failed to follow the freedom of expression. This fundamentally weakens democracy. Earlier in December, after Parag Agarwal became the CEO of Twitter, Musk had posted a meme that featured Aggarwal as Soviet dictator Joseph Stalin and former CEO Jack Dorsey as Soviet Secret Police chief Nikolai Yezhov. It was shown in the meme that together these two are drowning Twitter.

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