Tesla CEO Elon Musk took a large stake in Twitter after raising questions about free speech on the social media platform.
According to a regulatory filing published by the Securities and Exchange Commission Monday, Musk purchased a 9.2% stake in the social media company.
Musk’s roughly 73.5 million shares are worth approximately $2.89 billion, as The New York Post noted.
The Post also pointed out that shares of Twitter spiked by more than 25% after news of the acquisition broke.
Dan Ives, a tech analyst at Wedbush Securities, said, “I think he intends to go active and force change at Twitter,” adding, “This is a shot across the bow at Twitter’s board and management team to start discussions,” as CNN reported.
According to CNN, Musk’s purchase makes him the largest individual shareholder in the company.
Last month, Musk posted a poll on Twitter asking users about the relationship between free speech and Twitter, as IJR reported.
“Free speech is essential to a functioning democracy,” Musk tweeted.
He asked, “Do you believe Twitter rigorously adheres to this principle?”
Musk previously asked users whether the platform’s algorithm should be “open source.”
The CEO later added, “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? Is a new platform needed?”
Is a new platform needed?
— Elon Musk (@elonmusk) March 26, 2022
Conservative radio host Buck Sexton replied, “Yes. Buy twitter or please build one. Save the country from these psycho Silicon Valley libs.”
