Elon Musk Buys 9.2% Stake In Twitter, Microblogging App’s Shares Rise By 26%

Elon Musk, the world’s richest man, has bought 9.2% stake in Twitter.

His purchase boosted the social media giant’s stock by approximately 26% on Monday.

According to Bloomberg, the news was announced in a regulatory statement on Monday, which led to the rise in shares during pre-market trading.

Last week, Musk revealed that he was considering creating his own social media network, criticizing Twitter for not upholding free speech ideals.

He said this in response to a Twitter user asking if he would consider developing his own social media network from scratch.

“Am giving serious thought to this,” Musk had replied.

As part of his campaign, the Tesla founder created a Twitter poll, asking his 80+ million followers whether they believed Twitter adhers to free speech policy, which is critical to a healthy democracy.

Approximately 70% of those who responded voted “no,” to which Musk responded by claiming that this suggested Twitter was harming democracy.