Elon Musk Buys 9% Stake In Twitter, Criticises It For Lack Of Free Speech

Elon Musk Buys 9% Stake In Twitter, Criticises It For Lack Of Free Speech
B&T Magazine
By B&T Magazine



Elon Musk has purchased a nine per cent stake in Twitter, making him the social media platform’s largest shareholder.

Musk’s purchase of 73,486,938 shares on March 14 were revealed in Twitter filings yesterday, which quickly sent the social media site’s stocks surging nearly 30 per cent.

In fact, since Musk’s humble purchase on March 14, Twitter shares have jumped by nearly 50 per cent.

While the Tesla CEO did not disclose the exact amount paid for the shares, or why he made the purchase at all, his stake was reportedly worth $US3.5 billion ($A4.6 billion) on Monday morning.

To put that into context, Twitter’s founder and former CEO, Jack Dorsey, was previously the platform’s largest individual shareholder with 2.25 per cent. However, following his sizeable purchase, Musk’s stake is now four-times larger than Dorsey’s.

Many have questioned Musk’s motives regarding the purchase, but if his recent Tweets are any suggestion, the world’s wealthiest man may have big plans for the platform.

Last month, Musk posted on his official Twitter page asking his 80 million followers if they believed Twitter “rigorously” adhered to the principles of free speech, to which an overwhelming majority answered “no”.

He then asked what should be done, considering “Twitter serves as the de facto public town square” and that “failing to adhere to free speech principles fundamentally undermines democracy”.

“Is a new platform needed?” He then asked his followers.

In a note to investors, CFRA analyst, Angelo Zino said given that Musk’s stake was a very small percentage of his overall wealth, and that Twitter shares had been dropping since last year, an all-out buyout by Musk “should not be ruled out”.

Twitter is yet to comment on the matter.




Please login with linkedin to comment

Elon Musk Twitter

Latest News

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]