Twitter jumps 25% after Elon Musk becomes biggest investor Business

Mr Musk took to Twitter last month to say the platform failed to uphold free speech principles.

“I fear that the de facto bias in ‘Twitter’s algorithm’ is having a major effect on public discourse. How do we know what is really going on? ยป

On the same day, Musk also suggested that Twitter’s core algorithm be made open source, meaning it would be released in its entirety for others to copy and build their own businesses.

The 9.2pc stake makes Mr Musk the biggest shareholder in Twitter, ahead of founder Jack Dorsey, who has a 2pc stake.

The Tesla CEO, the world’s richest man, acquired his Twitter shares on March 14, according to the “13G” filing released by the U.S. Securities and Exchange Commission (SEC).

Under SEC rules, a 13G filing can only be made by a person who does not intend to change or influence control of a company in which they are acquiring stock.

In the past, Mr. Musk has courted controversy over his personal use of Twitter. He allegedly violated a 2018 SEC agreement requiring his tweets to be pre-cleared by Tesla executives.

The posts that angered US financial regulators referred to the privatization of publicly traded Tesla.

Tesla and Mr. Musk both paid $20 million in fines during the episode and signed the legally binding agreement.

In late March, the SEC urged a US federal court in Manhattan to keep the deal in place, although Mr Musk said enforcing it amounted to “harassment”.

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This notice was published: 2022-04-04 15:18:41

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