Tesla and SpaceX CEO Elon Musk now owns 9.2% of Twitter after buying $2.89 billion in stock, according to the U.S. Securities and Exchange Commission (SEC). submit Discovered CNBC. The acquisition follows Musk’s recent criticism of the social networking site’s free speech policies. “Given that Twitter serves as a de facto public town square, failure to adhere to the principles of free speech fundamentally undermines democracy,” he said. tweeted last week.
Musk is a prolific Twitter user and has more than 80 million followers, but the platform has also brought him a lot of trouble. Most famously, in 2018 he tweeted that he had “finance secured” to take Tesla private at $420 a share, setting a Sue the SEC cost him 20 million dollars and his position as chairman of the board of directors. Musk recently challenges settlement, saying that the SEC had exceeded its authority. He is asking a federal judge to end his agreement, which requires some tweets to be reviewed by an attorney.
Along with the comment, Musk put out a poll on Twitter last week with the question “Do you believe that Twitter strictly adheres to this [freedom of speech] “He’s also mused about the idea of starting his own social media platform, saying he’s giving ‘serious thought’.
In one follow tweets, Musk said that “the consequences of this poll will be very important,” and that prediction seems to have come true. His stake on Twitter is still a passive one, but he can raise the stake somewhat. “This could eventually lead to an acquisition,” said analyst Dan Ives CNBC. According to the report, Twitter stock is up more than 25% in pre-market trading CNBC.
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