As of Monday morning, Elon Musk’s 9.2 percent stake in Twitter Inc (TWTR.N) was revealed in a regulatory filing, sending the micro-blogging site’s shares up 16 percent in premarket trading, reports the Wall Street Journal.
At the end of March, the Silicon Valley tycoon revealed that he was “seriously considering” developing a new social media platform of his own.
Musk was responding to a Twitter user’s question about whether he would build a social media platform based on an open-source algorithm and one that prioritised free speech and where propaganda was minimal.
Lately, Musk, a frequent user of Twitter, has expressed his displeasure with the social media platform and its recent policies. He has claimed that the company is undermining democracy because it does not adhere to free speech standards.