Close Menu
Chronicle.ng
    Trending Stories
    Jamie Gittens joined Borussia Dortmund from Manchester City

    Chelsea agree to sign Jamie Gittens for £55m

    July 3, 2025
    Super Eagles legend Peter Rufai is dead

    Super Eagles legend Peter Rufai is dead

    July 3, 2025
    President Tinubu congratulates Rotimi Amaechi on 60th birthday

    2027: Only a mass movement can stop Tinubu – Amaechi 

    July 3, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Chelsea agree to sign Jamie Gittens for £55m
    • Super Eagles legend Peter Rufai is dead
    • 2027: Only a mass movement can stop Tinubu – Amaechi 
    • Liverpool express sadness over Diogo Jota, brother’s deaths
    • Lakurawa terrorists kill 15 in Sokoto village
    • AMCON sells Ibadan Electricity DisCo for N100bn
    • Liverpool fans gather outside Anfield paying their respects to Diogo Jota
    • Chelsea, PSG, Real Madrid, Bayern Munich hold silent tribute for Jota
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Friday, July 4
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    Elon Musk buys large stake in Twitter, stocks soar

    Michael RightBy Michael RightApril 4, 20221 Comment3 Mins Read
    Facebook Twitter Telegram WhatsApp
    World's richest man Elon Musk bought a 9.2% stake in Twitter
    Elon Musk has spearheaded unpopular programs in the Donald Trump administration
    Facebook Twitter WhatsApp

    Elon Musk has taken a major stake in Twitter, regulatory filings showed Monday, sending the social media network’s stock soaring and igniting speculation he could seek an active role in its operations.

    Musk, the world’s richest man and CEO of electric vehicle company Tesla, is a frequent Twitter user who often posts controversial messages and announcements, and has long been critical of social media companies.

    In one recent post he questioned Twitter’s adherence to free speech and hinted at launching his own platform.

    According to a document filed with the US Securities and Exchange Commission (SEC), the South African-born billionaire acquired nearly 73.5 million Twitter shares — a 9.2 percent stake in the company.

    Based on Friday’s closing price of the company’s stock, his investment amounts to nearly $2.9 billion.

    Read Also: Chris Rock Did Not want Will Smith Ejected – Oscars

    Investors responded quickly. At 7.15 am in New York (1115 GMT) Twitter’s stock was trading at about $49, up by around 26 percent.

    “We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,” analysts Daniel Ives and John Katsingris of Wedbush wrote in a note.

    Musk launched a poll on Twitter on March 25, saying “free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”

    More than two million people voted in the poll, with over 70 percent saying “no.”

    “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?” he continued the next day.

    “Is a new platform needed?”

    “Just buy twitter,” was one of the first responses from tens of thousands of users.

    Musk, Twitter and controversy

    Musk has wielded Twitter polls to conduct business before: in November last year he offloaded $5 billion in Tesla shares days after asking fellow social media users if he should sell 10 percent of his stake.

    In summer 2018 Musk published a tweet where he claimed that he had the appropriate funding to take Tesla private, without providing proof.

    The tweet caused a brief spike in Tesla’s share price but the SEC said the statements on Twitter were “false and misleading.”

    The mogul then agreed that any tweets capable of moving Tesla’s share price would be screened by lawyers, as part of a deal that saw him pay $20 million to settle a fraud case brought by the SEC.

    Then in early March, Musk asked a New York judge to overturn the agreement with the stock market watchdog on his tweets.

    His lawyer said the dispute with the SEC was “yet another attempt to harass Tesla and silence Mr Musk.”

    Musk has also used Twitter to court controversy away from the business world: in March he challenged Russian President Vladimir Putin to a fight, with the fate of Ukraine at stake; and in February he drew condemnation for a tweet comparing Canadian leader Justin Trudeau to Adolf Hitler.

    src

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    President Tinubu congratulates Rotimi Amaechi on 60th birthday

    2027: Only a mass movement can stop Tinubu – Amaechi 

    Lakurawa terrorists kill 15 in Sokoto village

    Lakurawa terrorists kill 15 in Sokoto village

    AMCON sells Ibadan Electricity DisCo for N100bn

    AMCON sells Ibadan Electricity DisCo for N100bn

    First Lady Oluremi Tinubu gave N1 billion to victims of violent attacks in Plateau State on Thursday, stating that her devotion to the country is motivated by love rather than politics.

    Remi Tinubu donates N1bn to Plateau attack victims

    Sunday Igboho backs Kemi Badenoch, tells Shettima to focus on Nigeria’s 

    Court throws out Gani Adams’ N5bn defamation suit against Sunday Igboho

    Tems launches 'The Leading Vibe' to empower African women in music

    Tems launches ‘The Leading Vibe’ to empower African women in music

    View 1 Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    Jamie Gittens joined Borussia Dortmund from Manchester City

    Chelsea agree to sign Jamie Gittens for £55m

    July 3, 2025
    Super Eagles legend Peter Rufai is dead

    Super Eagles legend Peter Rufai is dead

    July 3, 2025
    President Tinubu congratulates Rotimi Amaechi on 60th birthday

    2027: Only a mass movement can stop Tinubu – Amaechi 

    July 3, 2025
    Diogo Jota has joined Liverpool from Wolves

    Liverpool express sadness over Diogo Jota, brother’s deaths

    July 3, 2025
    Lakurawa terrorists kill 15 in Sokoto village

    Lakurawa terrorists kill 15 in Sokoto village

    July 3, 2025
    Facebook X (Twitter) Instagram
    • News
    • Politics
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.