Elon Musk’s buy of Twitter shares sends inventory hovering

When Elon Musk tweets, the market listens.

Twitter shares skyrocketed Monday as information broke that the Tesla CEO and Twitter obsessive had bought a 9.2 p.c stake within the social media firm. On the finish of the day’s buying and selling, CNBC reported that Twitter inventory was up 27 p.c — bringing the worth of Musk’s holding up with it to a staggering $2.89 billion.

That phrase of Musk’s funding would spur a shopping for frenzy itself just isn’t a brand new phenomenon. We noticed comparable exercise after the richest particular person alive introduced that his firm Tesla had bought bitcoin, an announcement which instantly proceeded a brand new report excessive for the cryptocurrency.

Notably, this all falls barely per week after Musk questioned whether or not or not Twitter’s time had come — on, in fact, Twitter.

“On condition that Twitter serves because the de facto public city sq., failing to stick to free speech ideas basically undermines democracy,” he wrote on March 26. “What ought to be carried out? Is a brand new platform wanted?”

Tweet could have been deleted

Within the type of 73,486,938 shares of Twitter, it appears that evidently Musk has supplied a solution to his personal query. That’s, except he intends to liquidate his whole holding, take a considerable revenue, and use that to create a brand new social media platform fully.

Both means, we’re certain to listen to about it… on Twitter.