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Elon Musk Twitter News | New Delhi: Tesla CEO Elon Musk holds a 9.2 per cent stake in the microblogging site, Twitter. According to media reports, Musk purchased approximately 73.5 million shares. After the news was revealed, Twitter’s share price jumped a massive 25.8 per cent during premarket trade. However, at 4:45 PM (IST) Twitter’s share price was $39.31 apiece. Last month, Tesla CEO and SpaceX founder, Musk, had stated that he was giving a ‘serious thought’ to developing a new social media platform.
According to reports, Musk’s stake in Twitter is considered a passive investment, which means Musk is a long-term investor that’s looking to minimize his buying and selling of the shares. However, Musk has been raising questions about the ability to communicate freely on Twitter, tweeting last month about free speech and the social media platform and industry analysts were sceptical about the mercurial CEO remaining on the sidelines anywhere.
Musk had also clashed with regulators about his use of Twitter. Early last month, Musk asked a federal judge to nullify a subpoena from securities regulators and throw out a 2018 court agreement in which Musk had to have someone pre-approve his posts on Twitter. U.S. securities regulators said they had the legal authority to subpoena Tesla and Musk about his tweets, and that Musk’s move to throw out a 2018 court agreement that his tweets be pre-approved is not valid.
Musk’s revelation about his stake in Twitter shares comes two days after Tesla Inc. posted lacklustre first-quarter production numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations.
(With inputs from AP)
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