![]() ![]() Musk's lawyer has contended in court motions that the U.S. securities regulators over his ability to post on Twitter. His Twitter stock purchase comes as Musk is locked into a bitter dispute with U.S. Musk told his more than 80 million followers on Twitter that he was " giving serious thought " to creating his own social media platform and has clashed repeatedly with financial regulators about his use of Twitter. Twitter's stock surged 20% before the opening bell Monday. "We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter," Dan Ives of Wedbush Securities said in a client note early Monday. He has also pondered starting a rival social media network, and industry analysts are skeptical about whether the mercurial CEO would remain on the sidelines for long. The regulatory filing Monday describes Musk as a long-term investor looking to minimize his buying and selling of the shares. Yet in recent weeks Musk, who has 80 million Twitter followers and posts there often, has questioned free speech on Twitter and whether the platform is undermining democracy. The ultimate aim of Musk's 73.5 million share purchase worth $2.9 billion, based on the closing price Friday, is not clear. Tesla CEO Elon Musk has taken a 9% stake in Twitter to become its largest shareholder after raising questions about the social media platform's dedication to free speech. Tesla and SpaceX Chief Executive Officer Elon Musk, shown here in 2020, has purchased a 9.2% stake in Twitter.
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