Tesla CEO Elon Musk acquired a 9% stake in Twitter to become its largest shareholder, just before raising questions about the social media platform’s dedication to free speech and the First Amendment.
FILE - The logo for Twitter appears above a trading post on the floor of the New York Stock Exchange, Monday, Nov. 29, 2021. Elon Musk is taking a 9.2% stake in Twitter. Musk purchased approximately 73.5 million shares, according to a regulatory filing.
Industry analysts are skeptical about whether the mercurial CEO will remain on the sidelines for long. Twitter’s stock surged more than 25% Monday. Since Musk bought his stake on March 14, shares of Twitter are up nearly 50%.FILE - Tesla CEO Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. Elon Musk is taking a 9.2% stake in Twitter. Musk purchased approximately 73.5 million shares, according to a regulatory filing.
The funding was far from secured and the electric vehicle company remains public, but Tesla’s stock price jumped. The settlement specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of his tweets. The SEC brought a securities fraud charge, alleging that Musk was manipulating the stock price with his posts.
The SEC disclosed that it is investigating Musk’s Nov. 6, 2021 tweets that asked followers whether he should sell 10% of his Tesla stake. The commission confirmed that it issued administrative subpoenas while investigating whether Musk and Tesla are complying with disclosure controls in the 2018 agreement.
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