Elon Musk now owns 9.2% of Twitter according to an SEC 13G filing on March 14. The stock purchase now makes Musk Twitter’s largest shareholder, Bloomberg News reports. Musk now owns 73, 486, 938 shares of Twitter which is worth $2.89 Billion based on Twitter’s closing price on Friday. The stock price of Twitter shares soared as much as 27% after it was Musk’s purchase had been revealed.
This comes as news recently after Musk had tweeted questioning Twitter’s principles and adherence to free speech. Noting on a follow-up tweet that “The consequences of this poll will be important. Please vote carefully.” At the end of the poll, 70% had voted “no”. Further on, Musk followed up with tweets stating that Twitter failed to adhere to free speech principles and questioned whether a new platform is needed.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
It is no secret that Elon Musk is one of Twitter’s most prolific and influential users with over 80 million followers. Just look at Dogecoin and the Dogefather. As well, this would mean Musk has gotten into hot water a few times due to his tweets.
In 2018, Musk got into a legal battle with the SEC when a Tweet by Musk told his followers that he would be taking Tesla private at $420 a share and that he had funding secured but without any proof. This caused a brief spike in Tesla’s share price but the regulator sued Musk for being “false and misleading” statements for Tesla’s investors. They reached a settlement with Musk and Tesla each paying $20 million and gave SEC oversight by having Tesla’s lawyers screen any Tweet that could move Tesla’s share price.
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
So what do you think of Elon Musk changing the course of Twitter? Let us know your thoughts down below!
Source: Yugatech
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