Musk bought about 73.5 million shares, according to a regulatory filing on Monday.
Musk’s share on Twitter is considered a passive investment, which means that Musk is a long-term investor who wants to minimize the buying and selling of his shares.
However, Musk raised questions about his ability to communicate freely on Twitter, tweeting last month about freedom of speech and social networking platform and industry analysts were skeptical about keeping the Mercurial CEO on the sidelines anywhere.
“We would expect this passive stake to be just the start of wider conversations with the Twitter board / management that could eventually lead to an active stake and a potentially more aggressive Twitter ownership role,” WedBush Securities’ Dan Ives wrote in a note. customer earlier. Monday.
Twitter shares rose more than 25% before the market opened on Monday, while Tesla shares rose slightly.
In addition to asking questions about freedom of speech on Twitter, Musk, in a separate tweet, said he was “seriously considering” setting up a new social media platform.
Musk clashed with regulators over the use of Twitter.
Earlier last month, Musk asked a federal judge to cancel a summons from securities regulators and reject a 2018 court deal in which Musk had to ask someone to pre-authorize his Twitter posts. U.S. securities regulators have said they had the legal authority to summon Tesla and Musk over his tweets and that Musk’s move to overturn a 2018 court ruling that his tweets were pre-approved is not valid.
Musk’s revelation about his stake in Twitter comes two days after Tesla Inc. published low delivery numbers for the first quarter. While the company delivered 310,000 vehicles during the period, the number was slightly lower than expected.
Freedom of speech is essential for a functioning democracy.
Do you think Twitter strictly adheres to this principle? – Elon Musk (@elonmusk) March 25, 2022
I think about it seriously
– Elon Musk (@elonmusk) March 27, 2022
