Elon Musk buys 9.2% stake in Twitter to become its top shareholder. He recently criticized the social platform claiming it puts limits on free speech.
News of the purchase sent shares of Twitter soaring 20% in premarket trading. Musk did not disclose what he paid for the shares, but his stake was worth $2.9 billion as of the close of trading Friday, and $3.5 billion after the spike early Monday. Musk's filing did not disclose the purpose of the purchase or any plans for the company. But he has been a high-profile critic of Twitter policies in the past.
"What should be done?"Any time an investor buys 5% or more of a company's shares, they must disclose the purchase in filings with the Securities and Exchange Commission. Although a stake of less than 10% in a company is considered"passive" in the eyes of Wall Street, it could signal an effort by Musk to take a more active role in how Twitter is run. That is one of the factors prompting other investors to buy shares and drive up the price early Monday.
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