what just happened Most of the — often controversial — things Elon Musk says come from his Twitter account, but it seems he’s not happy with the platform’s stance on “free speech.” So what should the richest person in the world do? Buy a 9.2% stake in Twitter valued at around $2.89 billion, sending the company’s stock price skyrocketing.
A 13G filing released today shows Musk bought 73,486,938 shares of Twitter on March 14, for 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 tweeted a poll of his more than 80 million followers in which he asked, “Freedom of expression is essential to a functioning democracy. Do you think Twitter strictly adheres to this principle?” The CEO wrote in a follow-up tweet: “The consequences of this survey will be important”.
Freedom of expression is essential for a functioning democracy.
Do you think Twitter strictly adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
A day later, Musk tweeted that Twitter’s failure to uphold the principles of free speech fundamentally undermines democracy. He also questioned whether a new platform was needed. All tweets came after Musk decided to buy his stake in the company.
Since Twitter serves as a de facto public marketplace, failure to uphold the principles of free speech fundamentally undermines democracy.
what should be done https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Twitter shares are up more than 25% in premarket trading. This was announced by Wedbush analyst Dan Ives CNBC that “this could eventually lead to some sort of buyout.”
“This makes sense given what Musk was at least talking about, at least from a social media perspective,” Ives added.
Musk was on par with Donald Trump when it came to getting in trouble over his controversial tweets. His “funding secured” post in 2018, which claimed he was considering taking Tesla private for $420 per share, drew the wrath of the Securities and Exchange Commission and led to Tesla attorneys preapproving Musk’s tweets had to. He also faced a lawsuit for calling the rescuer of a soccer team in Thailand a “pedo guy.” More recently, he used the platform to challenge Vladimir Putin to a one-on-one in a bid to decide Ukraine’s future.
https://www.techspot.com/news/94039-elon-musk-buys-92-twitter-complains-about-free.html Elon Musk buys 9.2% of Twitter and complains about his freedom of speech