• Home
  • E-Paper
  • Archive
  • Contact us
  • Daily Pakistan
Sunday, May 29, 2022
  • Login
No Result
View All Result
  • Home
  • Top Stories
  • National
  • City
  • World
  • Sports
  • Technology
  • Editorial
  • Opinion
  • E-Paper
  • Home
  • Top Stories
  • National
  • City
  • World
  • Sports
  • Technology
  • Editorial
  • Opinion
  • E-Paper
No Result
View All Result
Daily The Patriot
No Result
View All Result
Home Globe

‘World’s richest man’ Musk buys large stake in Twitter, sending stock soaring

by Daily Patriot
April 5, 2022
in Globe, Technology
0
‘World’s richest man’ Musk buys large stake in Twitter, sending stock soaring
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter
Screens display the trading information for Twitter on the floor of the New York Stock Exchange on Monday.—Reuters

NEW YORK: Tesla CEO Elon Musk, who has expressed concern over protecting freedom of speech in the “de facto public town square” of Twitter, disclosed on Monday a large stake in the social media company, sending shares soaring.

Musk, who has more than 80 million followers on the microblogging platform, became its largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock, according to a securities filing.

The investment is worth about $2.9 billion based on Friday’s share price.

Musk is currently the world’s richest man, with a net worth of $287.6 billion, according to Forbes.

The billionaire is a frequent Twitter user, regularly mixing in inflammatory and controversial statements about issues or other public figures with remarks that are whimsical or business-focused.

He has also sparred repeatedly with federal securities regulators, who cracked down on his social media use after a purported effort to take Tesla private in 2018 fell apart.

Twitter shares rocketed higher on the announcement, surging more than 20 percent to $47.86 in mid-morning trading.

“We would expect this passive stake as just the start of broader conversations with the Twitter board (and) management that could ultimately lead to an active stake and a (potentially) more aggressive ownership role of Twitter,” analysts Daniel Ives and John Katsingris of Wedbush wrote in a note.

Disclosure of Musk’s stake follows a recent poll launched by the billionaire to his followers.

Saying “free speech is essential to a functioning democracy,” Musk on March 25 launched a survey on Twitter that asked: “Do you believe Twitter rigorously adheres to this principle?”

More than two million people voted in the poll, with over 70 percent saying “no.”

“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 continued the next day. “Is a new platform needed?”

Is a new platform needed?

— Elon Musk (@elonmusk) March 26, 2022

“Just buy twitter,” was one of the first responses from tens of thousands of users.

US political conservatives have long complained that the platform censors right-wing voices, an assertion the company denies.

Its critics in particular cite Twitter’s decision to ban Donald Trump over the former US president’s role in fomenting the January 6, 2021 attack on the US Capitol.

Twitter has also at times punished Representative Marjorie Taylor Greene, a far right Georgia congresswoman who has repeatedly posted misinformation about Covid-19 and vaccines against it.

Greene welcomed Musk’s investment on Twitter, tweeting “freedom of speech restored will enable us all to defeat them.”

Tags: donald trumpGeorgiaMuskNEW YORKTwitter
Daily Patriot

Daily Patriot

Next Post
PM urges strong voice by Muslim think tanks to highlight India’s atrocities in Kashmir

Imran Khan to meet MPAs in Lahore

Latest News

FO deplores India’s ‘public notice’ advising students not to pursue higher education in Pakistan
City

Pakistan committed to promotion of peace, stability in S. Asia

by Daily Patriot
May 28, 2022
0

ISLAMABAD: Spokesperson Ministry of Foreign Affairs Saturday said that Pakistan was committed to promotion of environment of peace and stability...

Read more
OGDCL makes 4 discoveries, injects 8 operated wells in production gathering system

OGDCL makes 4 discoveries, injects 8 operated wells in production gathering system

May 28, 2022
Sindh drafting law to aid civilian victims of terror attacks

Sindh drafting law to aid civilian victims of terror attacks

May 28, 2022
G7 nations vow to stop fossil-fuel financing abroad by end of year

G7 nations vow to stop fossil-fuel financing abroad by end of year

May 28, 2022
UNSC urged to hold accountable masterminds of terror attacks against Pakistan, prevent India from misusing UN tech bodie

UNSC split spells end of an era for US-led sanctions on North Korea

May 28, 2022
  • Home
  • Top Stories
  • National
  • City
  • World
  • Sports
  • Technology
  • Editorial
  • Opinion
  • E-Paper

© 2020 DAILY PATRIOT - Powered By SmartX DigitalSMARTX DIGITAL.

No Result
View All Result
  • Home
  • Top Stories
  • National
  • City
  • World
  • Sports
  • Technology
  • Editorial
  • Opinion
  • E-Paper

© 2020 DAILY PATRIOT - Powered By SmartX DigitalSMARTX DIGITAL.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In