Elon Musk buys into Twitter
After becoming known as one of Twitter’s biggest pranksters, Elon Musk has bought a 9.2% stake in the social media platform.
Bloomberg was reported that SpaceX CEO, Tesla, had invested $2.89 Billion in the company by Monday morning. Musk’s investment represents a 9.2% stake in the firm, and makes him the largest shareholder.
Musk had posted the news. a Mar. 25 poll his 80.2 million Twitter followers asked him if the social networking app supports free speech. “A functioning democracy is dependent on free speech. Do you believe that Twitter rigorously adheres to this principle?” he wrote. “The consequences of this poll will be important. Please vote carefully.” Over 70% of respondents voted no.
Free speech is essential to a functioning democracy.
Do you believe Twitter strictly adheres this principle?
— Elon Musk (@elonmusk) March 25, 2022
Musk hasn’t been shy about criticizing Twitter in the past. When the company launched its NFT profile picture feature in January, he criticized the move as a misallocation of resources that did not address the platform’s other issues.
Musk is well-known for his funny tweets that often refer to cryptocurrencies such as Bitcoin, Ethereum and Dogecoin. Musk used his account to share a variety of memes about crypto-assets throughout 2021. These memes caused market ripples at times. The SEC has long been monitoring his Twitter activities, including his posts that mentioned Tesla and Dogecoin. Musk is disputing a 2018 deal with the SEC regarding what he can talk about Tesla. The regulator has been accused of misconduct.
Shares for the social media giant jumped as news of Musk’s investment surfaced. TWTR is currently up 25% after its largest single-day jump since 2018. Musk’s favorite crypto asset, Dogecoin, also rallied around 20%, though it later gave back most of its gains.