Shares of Twitter have risen more than 25% since Elon Musk acquired a 9% stake in the social media company

Explicit speaker Tesla CEO Elon Musk bought a large stake Twitter This makes him a huge external partner in social media, shortly after criticizing the company for failing to uphold the principles of freedom of speech.

According to the Securities and Exchange Commission 13G filing released on Monday, Musk owns 73,486,938 shares of Twitter, indicating a 9.2% dormant stake in the company. The stock is worth $ 2.89 billion, based on Twitter’s closing price on Friday.

Within two weeks of criticizing Musk’s company, Musk’s acquisition came as a result of public opinion polls on whether Twitter adheres to free speech policies. Musk tweeted, “The Twitter practice is operating as a public city square, and the failure to adhere to free speech principles is fundamentally undermining democracy.” “What to do?”

Late last month, Musk also said it was considering building A new social media site.

Although it was classified as a passive stock, investors bid more shares. Shares of Twitter rose more than 25% in the primary market.

“Musk may be trying to take a more aggressive stance here on Twitter,” White House analyst Dan Yves told CNBC on Monday.Squawk box. “” This will eventually lead to some sort of purchase. “

“It makes sense as far as what Musk is talking about, at least from a social media perspective,” Ives said.

Musk is a frequent user of Twitter and has more than 80 million followers on the platform. However, some of his tweets have plunged the Tesla chief into hot water for years.

On August 7, 2018, Musk tweeted that he was “financially secure” to take Tesla to the private sector for $ 420 a share. For 12 months following that tweet was a roller coaster for Musk and Tesla partners. At the time, the company had set performance records, but had to deal with lawsuits, government investigations and layoffs. Musk reached a settlement with the SEC, which removed him from the position of chairman at Tesla.

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