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Elon Musk holds 9.2% stake in Twitter; shares rally 26% in pre-market trade

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Elon Musk, the Tesla and SpaceX creator, revealed a 9.2% passive holding in Twitter Inc on March 14, 2022.

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According to Twitter Inc.'s filing, Musk personally holds 73,486,938 shares of common stock.

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Twitter Inc shares increased 25.8 percent to $49.48 in pre-market activity on this announcement.

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This comes days after Musk stated that he is "seriously considering" developing a new social media platform.

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Musk had previously sent out a tweet inquiring whether users believed Twitter adhered to the idea of free speech.

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Musk, despite his high level of activity on Twitter, has previously criticised the network.

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Musk previously proposed that there should be a technique to identify Twitter bots and troll armies.

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He frequently uses Twitter to disseminate information about his enterprises, which include SpaceX and Neuralink.

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He is also known for posting memes, which contributes to his fan base's popularity.

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However, several tweets have sparked controversy.

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Last year, he responded to a suggestion by the UN's World Food Programme (WFP) chief that 2% of Mr Musk's fortune could help end world hunger.

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In October, Mr Musk said he would sell $6bn in Tesla stock and donate it to the WFP, provided it could describe "exactly how $6bn will solve world hunger".

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Last October, Mr Musk's Tesla auto company became the sixth corporation to exceed the $1 trillion mark, after Apple, Microsoft, Amazon, and Alphabet's Google.

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