The market listens to Musk.
The news of the 9.2 percent stake in the social media company purchased by the CEO of the electric car maker sent the shares of the company soaring. CNBC reported at the end of the day that the value of Musk's holding up with it was a staggering $2.89 billion.
It is not a new phenomenon that the word of Musk's investment would cause a buying frenzy. After the richest person in the world announced that his company had purchased bitcoin, there was a new record high for the currency.
This all falls just a week after Musk questioned whether or not the time had come for Twitter.
He wrote on March 26 that failing to adhere to free speech principles undermines democracy. Is a new platform needed?
Tweet may have been deleted
Musk has provided an answer to his own question in the form of 73,486,938 shares of Twitter. Unless he intends to liquidate his entire holding, take a substantial profit, and use that to create a new social media platform, then that is.
We are sure to hear about it on social media.
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