Twitter's Shares Soar More Than 28% After Elon Musk Takes 9% Stake
Micro blogging site Twitter's shares soared more than 28 per cent after Tesla chief Elon Musk took 9 per cent stake in it.
Twitter shares were last up 28.49 per cent in at $50.51 in pre-market trading following the news. Based on Friday's market close, the stake is worth about $2.89 billion.
Mr Musk has taken a 9.2 per cent stake in Twitter Inc, a regulatory filing showed on Monday, sending the micro-blogging site's shares soaring in premarket trading.
Mr Musk now owns 73,486,938 shares of Twitter, which represents a 9.2 per cent passive stake in the company, according to the Securities and Exchange Commission 13G filing released on Monday.
The development has come within two weeks of Mr Musk criticising the company and seeking people's views on whether the micro-blogging site adheres to free speech principles.
BREAKING: Elon Musk has taken a 9.2% passive stake in Twitter, Bloomberg News reports https://t.co/qcG7Sq4fGT pic.twitter.com/WFGxQGN7UY
April 4, 2022Late March, the silicon valley billionaire said he was giving "serious thought" to building a new social media platform.
Mr Musk was responding to a Twitter user's question on whether he would consider building a social media platform consisting of an open source algorithm and one that would prioritize free speech and where propaganda was minimal.
The Tesla chief, a prolific user of Twitter himself, has been critical of the social media platform and its policies of late. He has said the company is undermining democracy by failing to adhere to free speech principles.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
