Twitter shares shot up following a massive buy-in from billionaire and Tesla CEO Elon Musk
Musk splurged a hefty $2.89 billion to acquire a 9.2% stake in the social media heavyweight
Also, the announcement triggered a surge in Dogecoin’s price
Billionaire entrepreneur and SpaceX founder Elon Musk sent Twitter’s stocks flying through the roof on Monday after buying a significant stake in the company. According to a filing with the Securities and Exchange Commission (SEC) from Monday (March 14, 2022), Musk reportedly purchased around 9.2% of the company.
The acquisition cost the Telsa boss approximately $2.89 billion and makes Eon Musk the single largest shareholder of the social network, per Bloomberg’s report. In comparison, former Twitter CEO Jack Dorsey owns around 2% of the platform.
Elon Musk’s big acquisition comes on the heels of his recent tweets regarding the platform’s censorship and the topic of free speech on social media sites. On March 24, Musk expressed doubts about a “de facto bias” in Twitter’s algorithm and the significant impacts it could have on public discourse.
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?
The Tesla CEO followed up his concerns with a social media poll. The poll emphasized the importance of free speech and asked users if Twitter had adequately promoted the idealogy. Elon Musk also suggested that the algorithm should adopt a decentralized model.
Responding to Elon’s thoughts on the platform’s algorithm, Jack Dorsey opined that users should have a choice in the matter.
Elon’s Rocky Relationship with Twitter
This is not the first time Musk has been critical of Twitter’s operations. The Billionaire crypto proponent previously called out the platform for its NFT profile picture feature.
Elon tagged the move as a waste of engineering resources and suggested that the social network focus on addressing spammy content from scammers.