Tesla and SpaceX CEO Elon Musk has just bought 73.5 million shares of Twitter, making him the largest single shareholder of the company with 9.2%.
This comes after last month Musk asked his followers in a Twitter poll whether or not Twitter “rigorously adheres to” free speech on its platform.
With 70.4% of the more than two million respondents voting that Twitter does not adhere to free speech on its platform, Musk later tweeted that the poll would have consequences.
The following day, Musk tweeted that “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?”
Musk then continued asking “Is a new platform needed?” This led to speculation online on whether or not Musk would create a new platform or purchase Twitter outright.
In response, conservatives such as Ron DeSantis’ Press Secretary Christina Pushaw tweeted “Buy this one!” while conservative radio host Buck Sexton tweeted “Yes. Buy Twitter or please build one. Save the country from these psycho Silicon Valley libs.”
Musk also tweeted that he gave “serious thought” to the idea of creating a new social media platform that would consist of an open-source algorithm that would place free speech as a top priority.
It seems like Musk’s acquisition of nearly 10% of the company, over four times Twitter founder Jack Dorsey’s 2.25% stake, will lead to substantive changes at the California-based company.
Already, Twitter shares have jumped 26% to $49.81 per share in the Monday pre-market as Musk’s $2.89 billion purchase seems to have instilled confidence in investors.
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Musk’s purchase of nearly a tenth of the social media giant may signal a change in direction to a more free-speech-oriented platform as conservative voices, such as Donald Trump and most recently the Babylon Bee, have been de-platformed or censored in recent years.
According to the SEC filing, Musk filed a Schedule 13G filing which can indicate that the investor does not have an interest in influencing control of the company.
With Musk’s commanding stake in the company, only time will tell if Twitter takes a new direction.