Tesla and SpaceX CEO Elon Musk now owns 9.2 p.c of Twitter after buying $2.89 billion in inventory, in accordance with a US Securities and Exchange Commission (SEC) filing noticed by CNBC. The buy follows current criticism by Musk over the social media web site’s free speech insurance policies. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he tweeted final week.
Musk is a prolific Twitter consumer and has over 80 million followers, however the platform has additionally introduced him bother. Most famously, in 2018 he tweeted that he had “funding secured” to take Tesla personal at $420 a share, setting off an SEC lawsuit that value him $20 million and his spot as chairman of the board. Musk just lately challenged the settlement, saying that the SEC overstepped its authority. He’s asking a federal choose to terminate his settlement requiring some tweets to be vetted by a lawyer.
Along with the remark, Musk launched a Twitter poll final week with the query “Do you believe Twitter rigorously adheres to this [freedom of speech] principle?” He additionally mused concerning the concept of beginning his personal social media platform, saying he was giving it “serious thought.”
In a follow-up tweet, Musk mentioned that “the consequences of this poll will be important,” and that prediction has now apparently come true. His stake in Twitter continues to be a passive one, however he might up the stakes considerably. “This eventually could lead to a buyout,” analyst Dan Ives advised CNBC. Twitter shares have reportedly surged greater than 25 p.c in premarket buying and selling, in accordance with CNBC.
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