London, (Business News Report)|| Twitter shares rose 25%, after American billionaire Elon Musk announced the acquisition of 9.2% of the company’s shares.
Elon Musk became the largest investor in Twitter, which is one of the most prominent social media companies around the world.
A week ago, Musk criticized Twitter’s policy, saying, that It fails to “to adhere to free speech principles fundamentally undermines democracy.”
The CEO of Tesla indicated that he is seriously considering creating a social media platform.
Elon Musk tweeted: “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?”
He also said in a previous tweet on March 25 that “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?.”
According to a disclosure filed with the US Securities and Exchange Commission, Musk has bought about 73.5 million shares.
The deal was made through the Elon Musk Revocable Trust, of which the billionaire is his sole manager, suggesting Musk’s desire to keep Twitter shares as a strategic investment and possibly increase it.
The stake is worth $2.9 billion, according to Twitter’s stock closing Friday. With the publication of the news, the company’s shares jumped before the market opened in New York by 25.3 percent to $49.85, indicating additional potential gains for Musk worth $720 million in just one day.
Even before Musk’s acquisition, the Vanguard Group was the largest investor in Twitter, owning 8.8% of the company, followed by Morgan Stanley (8.4%), BlackRock (6.5%) and State Street Corp (%4.5).
In a separate context, the Twitter application stopped on the iPhone 6, at a time when Apple stopped putting the phone permanently on the market while selling newer models.
According to the Apple WD website, the reason for stopping the Twitter application is due to the phone’s lack of support for the iOS 14 operating system, which Apple phones require as a minimum to be able to use several applications, including Twitter for iPhone phones.
Also, many iPhone 6 users complained about this crisis, stressing that the Twitter application has stopped working permanently.