Bhubaneswar: Twitter shares soared about 25 per cent in pre-market trading after a regulatory finding revealed that Tesla founder Elon Musk had acquired a 9.2% passive stake, becoming the largest single shareholder in the social media giant.
According to the US securities filing, the Tesla founder bought 73,486,938 Twitter shares on March 14. The stake is worth $2.89bn (£2.20bn) and is more than four times the 2.25% holding of Twitter founder Jack Dorsey, Forbes reported.
This came days after the billionaire, who has more than 80 million followers on Twitter, expressed concerns curtailment of freedom of speech by the firm and said that he was considering building a new social media platform.
Check his tweet here:
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? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
