Twitter Shares Witness Biggest Single Day Spike Since IPO 9 Years Ago, Thanks To Elon Musk

Nearly a decade since its IPO in 2013, Twitter¡¯s stock witnessed its best day in terms of share price spike yesterday, with the shares of the microblogging and social networking platform soaring nearly 28% as per revelation by an SEC filing stated in CNBC.

All this happened after the SEC filing revealed yesterday that Tesla CEO Elon Musk had acquired a 9.2% stake in Twitter, making him the biggest shareholder. Musk now holds more than 4 times the stake of Ex-CEO of Twitter, Jack Dorsey, who holds 2.25% stake in it.

NYTimes

Also Read: The Elon Musk Effect: Tesla CEO's Top Tweets Of 2021 That Sent The Crypto Market Crazy

The Build Up

World's Richest person Elon Musk had bombed out several tweets recently that hinted at a shake-up and indicated that he said he was considering building a new social media platform. The Tesla CEO reportedly does not like the fact that his tweets are scrutinized by regulators like the U.S. Securities and Exchange Commission (SEC)

On March 26th 2022, Musk had tweeted ¡°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?¡±

Musk had recently questioned Twitter¡¯s commitment to free speech by tweeting "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?"

Tweet After Buying The Stake

After its revealed that Musk has bought the majority stake in Twitter, Tesla CEO has tweeted today with a poll asking Twitterati if they want an edit button.

Do you want an edit button?

¡ª Elon Musk (@elonmusk) April 5, 2022

Replying to this, Twitter CEO Parag Agrawal warned voters by stating that the consequences of this poll will be important. Please vote carefully.

The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB

¡ª Parag Agrawal (@paraga) April 5, 2022

Also Read: Tesla's Valuation Shoots Up By $84 Billion In A Single Day After Stock Split Signal. Here's What It Means

A More Aggressive Stance Expected?

Amidst all this, some investors reportedly expect Musk to take an aggressive stance. That could include increasing his stake or taking a controlling interest in the company in an effort to push for change, as per CNBC.

¡°Considering what a small investment this is for him (~1% of net worth), we would not be surprised to see him increase his stake even further, and potentially assume a more active role in the decision-making at the company,¡± Truist Securities¡¯ analysts said yesterday, referring to Musk¡¯s reported $273 billion net worth.

Also Read: Elon Musk Donates $5.7 Billion Worth Of Tesla Stock To Charity

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