Tesla CEO Elon Musk has become the largest individual shareholder of Twitter stock after purchasing a 9.2% share in the company (CNN). Musk has been very adamant about his opinions on free speech on the platform and plans to join Twitter’s board of directors. Musk has shown lots of criticism towards Twitter as a platform, even suggesting a new social media platform was needed that allowed for more free speech.
On Mar 22, 2022 Musk tweeted, “Is a new platform needed?” and posted a poll that asks, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle? The consequences of this poll will be very important. Please vote carefully.” The votes on his poll were 30% “yes” and 70% “no” across 2 million votes. Soon after, Musk purchased his stake in the company.
Twitter stock soared after Musk’s purchase. Musk purchased his stake in the company for $2.9 billion, which is now worth $3.5 billion (CNN).
Musk is no stranger to business leadership, as he is currently heading four individual companies, including Tesla, SpaceX, Neuralink, and The Boring Company. Musk’s stakes in these companies make him the most wealthy man in the world, with an estimated net worth of $264.6 billion (Forbes).
Musk has become one of the most-followed people on Twitter with over 80 million followers. Musk is a frequent user of the platform, tweeting daily about Tesla and SpaceX as well as other world topics and issues.
Twitter users are keeping a watchful eye on any changes that may be made to the platform with Musk’s added influence. Musk’s criticism of the company and its algorithms may lead to the platform becoming more user-friendly and uncensored, as those were his main concerns.
Musk has recently gained some good press after sending his Starlink satellite communication systems to Ukraine to help with the refugee crisis resulting from the war with Russia. Internet and cell systems in Ukraine have been shut off by Russian hackers, leading to Starlink being one of the only ways that Ukrainian people can communicate with others throughout the country.
Update: Elon Musk has recently made an offer to purchase the entirety of Twitter for $43 billion. According to Musk’s official filing, this is “a 38% premium over the closing price of the common stock on April 1, 2022.” Musk is offering to purchase the company for $54.20 a share. In Musk’s official filing he plans to take the company private, saying, “Twitter has extraordinary potential. I will unlock it.” Musk also details in his filing that he believes the necessary changes in the company can only be made by making the company private.