Elon Musk bought a 9.2% stake in Twitter, sending stock to the social media company

New York: Twitter shares rose on Monday after Tesla CEO Elon Musk revealed a large stake in the social media company, which he criticized for its approach to speech rights.

Musk, which has more than 80 million followers on its microblogging platform, has become its largest shareholder after buying 73.5 million shares or 9.2 percent of common stock, according to a security filing.

The investment is worth about $ 2.9 billion, based on Friday’s share price. According to Forbes, Kasturi is currently the richest man in the world with a net worth of $ 287.6 billion.

Billionaire, a frequent Twitter user, regularly makes bizarre or business-centric comments with comments mixed in inflammatory and controversial statements about issues or other public figures.

He has repeatedly clashed with federal securities regulators, who cracked down on his social media use in 2018 after an alleged attempt to privatize Tesla.

Twitter shares rose 27.1 percent to .9 49.97 in the announcement.

“We expect this passive stack to be the beginning of a broader conversation with the Twitter board (and) management that could ultimately lead to an active partnership and (potentially) a more aggressive ownership of Twitter,” said analysts Daniel Ives and John Katsinggris. Wadebush wrote in a note.

‘Buy Twitter Only’

The revelation of Musk’s partnership follows a recent survey by his billionaire followers.

Saying that “free speech is essential for a functioning democracy”, Musk, who has probably discussed launching his own social media company, launched a survey on Twitter on March 25 to ask: “Do you believe Twitter adheres to this policy?” ? “

More than two million people voted in the poll, with more than 80 percent saying “no.”

“Given that Twitter de facto acts as a public town square, failure to adhere to the principles of freedom of speech fundamentally undermines democracy. What should be done?” He continued the next day. “Need a new platform?”

“Just buy Twitter,” was one of the first responses from thousands of users

U.S. political conservatives have long complained that the platform censors right-wing voices, a claim the company denies.

Critics have particularly cited Twitter’s decision to ban Donald Trump for his role as former US president in inciting the January 6, 2021, attack on the US Capitol.

Twitter also occasionally reprimanded Marjorie Taylor Green, a far-right congressional woman in Georgia who repeatedly posted false information about the Covid-19 and the vaccine against it.

Green welcomed Mask’s investment on Twitter, tweeting that “restoring freedom of speech will enable us all to defeat them.”

SEC Agreement

Musk cited the right to freedom of speech as the driver of an effort to restore a deal with the Securities and Exchange Commission (SEC) that tightened the use of social media platforms after his August 2018 tweet that was “protected” to raise funds. Tesla is private.

The following month, Mask agreed to pay $ 20 million to settle the SEC charges of securities fraud on the claim and to introduce new controls and procedures overseeing its communications.

But Musk’s attorneys have asked a federal court to rescind the deal, saying the agency has conducted an “endless, unfounded investigation” of the Tesla boss and his company because Musk “remains an outspoken critic of the government.”

Musk used Twitter to debate away from the business world: in March he challenged Russian President Vladimir Putin to fight after the invasion of Ukraine, and in February, Musk condemned Canadian leader Justin Trudeau for a tweet comparing him to Adolf Hitler.

The billionaire famously quarreled with a British caveman who dismissed Musk’s offer to help rescue young football players trapped in a cave in Thailand in the summer of 2018.

On Twitter, Musk called Vernon Unsworth a “pedo guy.”

Unsworth sued Musk for defamation, but was in favor of the billionaire in December 2019 after a Los Angeles jury trial.

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