By THOUSIF INC
IN LESS THAN TWO WEEKS, Tesla CEO Elon Musk has taken a significant interest in Twitter.
After criticizing the social media platform on free-speech grounds, the Twitter stock is soaring.
According to a filing with the Securities and Exchange Commission, Twitter (ticker: TWTR) stock was up nearly 25%.
Monday after Musk purchased 9.2% of the social-media company’s stock.
Tesla stock was up 3.4%. The S&P 500 rose 0.3%, while the Dow Jones Industrial Average was down 0.1%.
Wrote Bespoke Investment Group:
“Twitter has long been criticized for not realizing its full potential, and TWTR shareholders are hoping Musk can move the company in that direction.”
The performance of the two stocks could not be more different over the past year.
Tesla (TSLA) has gained 57% as it has become increasingly evident that electric vehicles are the future of transportation and that Tesla has a massive lead over other car makers.
Musk recently used Twitter to argue that Twitter needs to “Adhere to free speech principles.”
Twitter and Tesla did not immediately respond to a request for comment.