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Shares Of Twitter Rose More Than 26% After Elon Musk Took Over A 9% Stake In A Social Media Company

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Outspoken Tesla CEO Elon Musk bought a massive stake in Twitter,

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making him the largest outside shareholder in the social media stock,

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long after criticizing the company for what he said was a failure to uphold the principles of free speech.

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According to a Securities and Exchange Commission 13G filing released on Monday, Musk owns 73,486,938 shares of Twitter,

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which represents a 9.2% passive stake in the company. Based on Friday's final price on Twitter, it has a stake of $ 2.89 billion.

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The purchase comes less than two weeks after Musk criticized the company, with people on Twitter voting on whether he adhered to the principles of freedom of speech.

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"Because Twitter de facto serves as a public square in the city, non-compliance with the principles of freedom of speech undermines the foundations of democracy, Musk wrote on Twitter.

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What should be done? Last month, Musk also said he was looking to build a new social media platform.

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