Elon Musk has a hold of Twitter but without his engaging tweets. The Tesla CEO now has a 9.2 percent of stake in Twitter, totaling around worth $2.89 billion.
Musk buys Twitter stocks
According to a Bloomberg report, Elon Musk is the largest shareholder of Twitter. Other significant shareholders include investment firms such as BlackRock and Vanguard. The move is following Mask criticizing the platform for not being democratic. In a tweet, he asks his followers if they believe the social media site”rigorously adheres” to free speech. The principle of free speech is “essential to a functional democracy”. Additionally, he hints that he has a plan and that the results of the poll are vital.
As the majority of people voted “no”, Musk also stated that he is thinking seriously about building a new platform. However, the current move shows that Musk is interested in transforming the social media site from the inside. “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?” he asked.
How will this help in changing social media?
Owning 9.2 percent of the company does not give him the power to change the platform. However, it will help him in influencing the platform’s future decisions. “This morning Elon Musk revealed he now owns a 9.2% passive stake in Twitter. We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake; more aggressive ownership role,” tweeted Dan Ives. Ives is an analyst for Wedbush.
Currently, Twitter is Musk’s primary mode of communication. He tweets several times a day. Additionally, they are famous for landing him in trouble. Moreover, he recently tweeted about taking his EV firm Tesla private with very little backing.