Elon Musk, the CEO of Tesla Inc (TSLA.O), has built a 9.2% stake in Twitter Inc (TWTR.N), according to a regulatory filing released on Monday, sending the microblogging site’s shares up 16% in premarket trading.
Late in March, the Silicon Valley billionaire stated that he was “considering” creating a new social networking site.
Musk was responding to a Twitter user who asked whether he would consider creating a social media platform based on an open source algorithm that prioritised free expression and had less propaganda.
Musk, a prolific user of Twitter himself, has been critical of the social media platform and its policies of late. He has said the company is undermining democracy by failing to adhere to free speech principles.
