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Elon Musk Takes 9.2% Passive Stake in Twitter

Elon Musk has taken a 9.2% passive stake in Twitter, according to a 13G filing. Twitter rose about 26% in pre-market trading.

Musk Takes 9.2% Passive Stake in Twitter

Twitter stock surged in pre-market trading on Monday after Elon Musk revealed he’d taken a stake in the company, days after criticizing the social media giant for “failing to adhere to free speech principles.”

The Tesla CEO Elon Musk has taken a 9.2% stake in Twitter as of March 14 according to an SEC filing.

Twitter’s share price has shot up from $39.31 to $49.06 — up 25% — in pre-market trading on the news.

This comes after Elon Musk held discussions on Twitter about its algorithms and whether they should be open source

Elon Musk Takes 9.2% Passive Stake in Twitter

On March 24, he wrote, “I’m worried about de facto bias in “the Twitter algorithm” having a major effect on public discourse.” He then tweeted a poll asking whether Twitter’s algorithm should be open source.

At the time, former Twitter CEO Jack Dorsey replied, “The choice of which algorithm to use (or not) should be open to everyone.”

Musk has also had concerns about whether Twitter is maintaining free speech on its platform. On March 26, he asked if a new platform was needed. When another Twitter user asked he was considering building a new social media platform that would consist of an open-source algorithm and promote free speech, Musk replied that he was giving it serious thought.

Musk has also criticized Twitter’s use of spending engineering resources on integrating NFTs as opposed to fixing other issues on its platform. “Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?” he wrote, after it added NFT profile pictures.

He has also been critical of social media in general. In 2020, he tweeted, “Social media is a limbic amplifier, which inherently destabilizes civilization.”

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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