Tech

Elon Musk buys 9.2% of Twitter, complaining about his free speech stance

What happened now? Most of the – often controversial – things Elon Musk says come from his Twitter account, but he doesn’t seem happy with the platform’s stance on “free speech.” So what’s the richest man in the world to do? Buy a 9.2% stake in Twitter worth about $2.89 billion, which will send the company’s stock value skyrocketing.

13G’s filing released today shows that on March 14, Musk purchased 73,486,938 shares of Twitter, representing a 9.2% passive stake in the company, of which he is now the largest shareholder.

Interestingly, the news comes about a week after Musk posted a poll on Twitter to his 80+ million followers asking, “Free speech is essential for a functioning democracy. Do you believe that Twitter strictly adheres to this principle? The CEO wrote in a follow-up tweet that “the implications of this poll will be important.”

A day later, Musk tweeted that Twitter’s failure to uphold the principles of free speech is fundamentally undermining democracy. He also wondered if a new platform was needed. All tweets came after Musk decided to buy back his stake in the company.

Twitter shares jumped more than 25% in premarket trading. This was stated by Wedbush analyst Dan Ives. CNBC that “eventually it may lead to some redemption”.

“That makes sense given what Musk was at least talking about, at least in terms of social media,” Ives added.

Musk has been by Donald Trump’s side when it comes to getting in trouble for his controversial tweets. His “secured funding” message in 2018, which claimed he was considering privatizing Tesla at $420 a share, angered the Securities and Exchange Commission and led to Tesla’s lawyers needing to pre-approve Musk’s tweets. He also faced legal action for calling a football team rescuer in Thailand a “pedophile”. More recently, he has used the platform to challenge Vladimir Putin to single combat to decide the future of Ukraine.




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