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Twitter shares soar as Elon Musk buys 9% stake worth nearly $3 billion |  Economic news

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Shares of social media giant Twitter jumped a quarter after it was revealed that Tesla billionaire Elon Musk had bought a 9.2% stake.

A regulatory filing showed the mogul scooped up 73,486,938 Twitter shares.

The stake is worth $2.89bn (£2.2bn), based on Twitter’s closing price on Friday.

Musk is a frequent Twitter user and has more than 80 million followers, but he recently criticized its approach to free speech and said he was seriously considering creating a new media platform. social.

Last month, Musk expressed interest in creating his own social media platform

His own use of the platform has gotten him in trouble in the past.

Musk is locked in a legal battle to free himself from the constraints of a deal he reached with U.S. regulators in 2018. The deal requires him to have his tweets about Tesla pre-approved by a lawyer to avoid breaking rules around disclosure. market-sensitive information.

Musk signed a deal with the US Securities and Exchange Commission (SEC) after claiming in a tweet that it had secured funding to take the company private at $420 (£325) per share.

But the billionaire now contends he was pressured into signing the agreement, officially known as the consent decree, due to “relentless regulatory pressure from the SEC”, according to a court filing.

His legal team accused the body of trying to restrict Musk’s right to free speech.

He has yet to comment on the reasons for the stake on Twitter.

The platform’s stock price was trading up 25% in premarket trades.

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