When Elon Musk tweets, the market listens.
Twitter shares skyrocketed Monday as information broke that the Tesla CEO and Twitter obsessive had bought a 9.2 % stake within the social media firm. On the finish of the day’s buying and selling, CNBC reported that Twitter inventory was up 27 % — bringing the worth of Musk’s holding up with it to a staggering US$2.89 billion.
That phrase of Musk’s funding would spur a shopping for frenzy itself shouldn’t be a brand new phenomenon. We noticed related exercise after the richest individual alive introduced that his firm Tesla had bought bitcoin, an announcement which instantly proceeded a brand new file excessive for the cryptocurrency.
Notably, this all falls barely every week after Musk questioned whether or not or not Twitter’s time had come — on, in fact, Twitter.
“On condition that Twitter serves because the de facto public city sq., failing to stick to free speech rules basically undermines democracy,” he wrote on March 26. “What must be accomplished? Is a brand new platform wanted?”
In the form of 73,486,938 shares of Twitter, it seems that Musk has provided an answer to his own question. That is, unless he intends to liquidate his entire holding, take a substantial profit, and use that to create a new social media platform entirely.
Either way, we’re sure to hear about it… on Twitter.