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Twitter shares rocket as Elon Musk buys a 9.2% stake in the social media outlet

The Twitter app welcome screen on a mobile phone
(Image credit: Pixabay)

Elon Musk has taken a passive 9.2 percent stake in social media outlet Twitter, becoming its largest shareholder.

The world’s richest man now owns four times the amount of shares as Twitter’s founder Jack Dorsey, representing a monetary value of around $2.9 billion when stock’s closed last Friday.

Musk, worth in the region of $273 billion, acquired almost 73.5 million shares, leaving Dorsey far behind with a paltry 2.25 percent stake in his own business.

Unsurprisingly, the news has made the Twitter share price skyrocket, with an increase of over 26 percent before Wall Street had opened yesterday. The flurry of activity has already pushed Musk’s investment to a share value of around $3.6 billion.

The move has also ignited interest in other social media shares, with Snap Inc., owner of Meta Platforms and Snapchat also seeing a rise in value.

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Making more money for Musk

However, while the investment is already making Musk money, his passive investment is being seen a more a long-term move. Musk threw some added fun into the mix by suggesting that he was ‘giving serious thought’ to creating his own social media platform following a dialog on Twitter.

Elon Musk already has in excess of 80 million followers on Twitter, having been a registered user since 2009. During that time he’s used the bustling social media platform to make announcements in relation to his auto company Tesla, as well as other business interests including SpaceX, Neuralink and The Boring Company.

Musk is also well known for his wild statements on Twitter too, having made more than a few controversial statements on the platform over the years.

More recently, he has questioned the ability of Twitter to champion free speech principles, leaving Musk to hint at the idea of creating how own social media platform. "Free speech is essential to a functioning democracy," he mused during a Twitter poll. "Do you believe Twitter rigorously adheres to this principle?"

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Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he's been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom's Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he's not working he's usually out and about on one of numerous e-bikes in his collection.