Elon Musk buys 73.5 million shares of Twitter to acquire 9.2 per cent stake

Photo source: AP (file)Elon Musk bought a 9.2% stake in Twitter

Tech mogul Elon Musk has bought about 73.5 million shares of microblogging platform Twitter. That translates into a 9.2 percent stake in the company, according to a regulatory filing Monday.

As a result, Musk has become the largest shareholder in the platform, according to a Bloomberg report.

The acquisition comes a week after Musk hinted at shaking up the social media industry. Shares of Twitter rose nearly 26 percent in premarket trading, with details of the purchase of Mask shares after regulatory filings were released on Monday.

Shares of Mask are worth about 8 2.89 billion on Twitter as of Friday’s market close.

Notably, Musk questioned the ability to communicate freely on Twitter, tweeting about freedom of speech and social media platforms last month. “Freedom of speech is essential for a functioning democracy. Do you believe that Twitter adheres strictly to this policy?” He tweeted.

In a separate tweet, Musk said he was “seriously thinking” about creating a new social media platform. Also last month, Musk asked a federal judge to rescind a subpoena from securities regulators and to cancel a 2018 court agreement that forced Musk to give someone pre-approval of his posts on Twitter.

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