Twitter shares surge 26% after Elon Musk reveals 9.2% stake

Twitter shares climbed by 26% on the back of the news that Tesla CEO Elon Musk had built a 9.2% stake in the social media company.

The news was discovered after the publishing of a regulatory filing which showed Musk’s investment. His stake potentially makes him the company’s largest stakeholder.

Musk recently tweeted to his 80 million Twitter followers that he was giving “serious thought” to building a new social media platform.

Currently, Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock’s Friday close. The shares are held by the Elon Musk Revocable Trust.

He has been critical of the social media platform and its policies of late and has also said that Twitter is undermining democracy by failing to adhere to free speech principles.

As well as being the founder of space agency SpaceX, Musk heads up brain-chip startup Neuralink and an infrastructure firm, The Boring Company.

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