Big technology and communications stocks helped the stocks close out on a high Monday. It had a lot to do with Twitter which soared 27.6% after a big investment in the company from Tesla’s CEO Elon Musk.
Twitter had the biggest gain after the company disclosed that Musk had taken a 9.2% stake in the social media network. As recently as last week, Musk has publicly questioned the company’s commitment to free speech. He even asked several days ago, “if a new platform was needed” prior to the announcement.
Is a new platform needed?
— Elon Musk (@elonmusk) March 26, 2022
With only 9% stake in the company it is yet to be seen what his influence will be on the social media platform.