Elon Musk Just Bought a Big Stake in Twitter, shares rose over 20 percent Monday morning on news that Tesla CEO Elon Musk acquired a 9.2 percent stake in the social media platform.
According to a Securities and Exchange Commission document issued Monday, Musk is now the company’s largest outside shareholder, with 73,486,938 shares.
Tesla’s CEO is a frequent Twitter user with a large following. He recently asked his 80 million Twitter followers on whether the platform “rigorously complies” to free speech values.
Over 70% said “No,” prompting Musk to wonder if a new platform is required.
Elon Musk has previously been in hot trouble for his tweets, and he is presently involved in a court battle with the Securities and Exchange Commission (SEC) over an agreement that limits his Tesla-related Tweets.
The purchase of a share in Twitter comes months after the company’s long-serving CEO, Jack Dorsey, stepped down.
Elon Musk tweeted a meme picturing Agrawal as Joseph Stalin and Dorsey as Soviet secret police leader Nikolai Yezhov being forced into water after Agrawal replaced Dorsey in November.
“Musk is an extension of that, he feels that Twitter is infringing on free speech, and he probably wants to have an impact,” Siomades said. “He will use his money, power and prestige to exact change at the company.”
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