Elon Musk, CEO of Tesla Inc, has built a 9.2% stake in Twitter Inc, according to a regulatory filing on Monday, sending the microblogging site's shares up 16% in premarket trading. Late in March, the silicon valley billionaire announced that he was "seriously considering" creating a new social media platform.
Musk was responding to a Twitter user's question about whether he would consider creating a social media platform based on an open source algorithm that prioritised free speech and minimised propaganda. Musk, a frequent Twitter user, has recently criticised the social media platform and its policies. He claims that the company is undermining democracy by violating free speech principles.