Shares of Twitter (TWTR) were up more than 25% in premarket trading today after it was
disclosed in a regulatory filing that Tesla (TSLA) chief executive officer (CEO) Elon Musk has
taken a 9.2% stake in the social media company.
Musk, who is active on Twitter and has gotten into trouble with the U.S. Securities and
Exchange Commission (SEC) over his past Tweets, said publicly last week that he was giving
“serious thought” to building an all-new social media platform.
Musk has been critical of Twitter and its policies over the last year, saying the company is
undermining democracy by failing to adhere to free speech principles.
Last week, Musk put out a Twitter poll asking users if they believed Twitter adheres to the
principle of free speech, to which over 70% voted “no.”
It is not immediately clear if Musk plans to be an activist investor at Twitter or if he will increase
his stake in the social media giant beyond his current 9.2% stake.
Before today (April 4), Twitter’s stock was down 8% year to date at $39.31 per share. Over the
last year, Twitter’s share price has declined 40%.
