Elon Musk Buys Controlling Stake in Twitter

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Musk now owns 9.2% of Twitter.

Recently, Tesla and SpaceX CEO Elon Musk publicly polled his followers on social media platform Twitter to determine how many of them believed that the platform’s policies were fair and properly upheld, especially in regards to notions like free speech. Musk has been a regular proponent of free speech on the platform for a long time, and has regularly criticized it for failing to maintain those standards.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted last week. “What should be done?”

Today, Musk may have attained a greater sway with Twitter, because he now owns a controlling stake in it. According to a filing from the Securities and Exchange Commission, Musk has purhcased 73,486,938 shares of Twitter stock, a 9.2% stake in the company valued at approximately $2.89 billion based on Twitter’s trading value from Friday.

Since the announcement of his acquisition, Musk has not given any public statements about what he intends to do with this newfound power, if anything. That said, analysts are abuzz at what he now has the potential to do.

“Musk could try to take a more aggressive stance here on Twitter,” Wedbush analyst Dan Ives told CNBC “This eventually could lead to some sort of buyout.”

“This makes sense given what Musk has at least been talking about, at least from a social media perspective.”

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3 months ago
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