Elon Musk Takes Large Stake in Twitter After Criticizing the Social Media Company

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?”

Conservative radio host Buck Sexton replied, “Yes. Buy 🐦Twitter or please build one. Save the country from these psycho Silicon Valley libs.”