Tesla CEO Elon Musk has purchased a huge stake in Twitter that makes him the largest outside shareholder in the stock after criticizing them for not upholding free speech practices on their own platform. On March 26th, Musk tweeted out,
“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?”
It seems he has decided what needs to be done, and purchased a huge amount of stock. He now owns 73,486,938 shares of Twitter which represents nearly 10% of the company! The stake is worth about $2.89 billion!
Elon Musk Purchases Giant Stake In Twitter Making His The Largest Shareholder – Stock Soars More Than 20%
With Musk’s purchase of the stake, investors were bidding shares higher on the chance that this could lead to something a bit more. Well, Twitter stock surged more than 20% this morning! CNBC’s Dan Ives believes that this could eventually lead to a buyout!
“Musk could try to take a more aggressive stance here on Twitter. This eventually could lead to some sort of buyout.”
Musk has been pretty outspoken about out ‘social media lords’ and how they dictate what gets said and what doesn’t. He doesn’t believe that the tenets of free speech are being allowed, and that these platforms are acting more like editorials, deciding what gets to stay and what doesn’t.
This could also lead to a chance or inaction of laws that change the way social media is run. Sure, 10% of a company may not seem like much, but Musk seems like he is committed and there’s always a chance that this could grow to something more.
The big question is if Musk did takeover the company, what happens to all those banned accounts? Would they be reinstated and would that include the former President Donald Trump? Musk is overtly political, though it does seem like he is not fond of President Joe Biden (which is fair), so this could be the musings of something much larger.
What do you think? Is Ciara only with Russell for money or do you think they are perfect for each other and have been great together? Let us know in the comments below.
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