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Musk Discloses 9.2% Stake in Twitter Sending Shares Soaring

Tesla chief executive Elon Musk has built a 9.2% holding in Twitter, a regulatory filing showed on Monday, sending the micro-blogging site’s shares soaring


Elon Musk
Billionaire Elon Musk has built up a sizable stake in Twitter. Photo: Reuters.

 

Tesla chief executive Elon Musk has built a 9.2% stake in Twitter, a regulatory filing showed on Monday, sending the micro-blogging site’s shares soaring 16% in premarket trading.

Late March, the Silicon Valley billionaire said he was giving “serious thought” to building a new social media platform.

Musk was responding to a Twitter user’s question on whether he would consider building a social media platform consisting of an open source algorithm and one that would prioritise free speech and where propaganda was minimal.

Musk, a prolific user of Twitter himself, has been critical of the social media platform and its policies of late. He has said the company is undermining democracy by failing to adhere to free speech principles.

His tweet came a day after he put out a Twitter poll asking users if they believed Twitter adheres to the principle of free speech, to which over 70% voted “no.”

“The consequences of this poll will be important. Please vote carefully,” he said.

 

• Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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