Elon Musk has taken a 9.2% stake in Twitter, according to a US securities filing.
He’s purchased a whopping 73,486,938 Twitter shares on the 14th March, according to the Securities and Exchange Commission. (SEC) Upon the announcement of that, Twitter shares rocketed 25% in pre-market trading.
The stake is worth ~$3Bn and makes him one of the largest shareholders, substantially higher than 2.25% owned by Twitter founder Jack Dorsey.
The reach and power of Elon on Twitter, sends shockwaves which literally increase or decrease the price of Cryptocurrencies, perhaps he now feels that by having such a high stake in Twitter he can really influence the direction of the company’s strategic direction, perhaps as an activist shareholder.
Last month Elon asked his Twitter followers whether they thought the social medial platform encouraged free speech.
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”
He then asked: “Is a new platform needed?”
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Twitter has many critics, social media is polarising and it’s hard to please everybody.
Whatever Elon’s motivations may be, one thing is for sure, it will be entertaining to observe.
Check out my interview with Twitter cofounder Biz Stone.
Check out my interview with @Twitter co-founder @biz for @Irish_TechNews https://t.co/6Myp7aliek
— Henry Joseph-Grant (@speirin) February 29, 2020
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