Tesla CEO Elon Musk has become Twitter’s largest shareholder, taking 9.2% stake in Twitter Inc.
Musk now has four times as many shares as Twitter founder Jack Dorsey, who owns 2.25%.
“Twitter shares surged about 26% in premarket trading after the regulator filing released Monday detailing Musk buying the holding,” Bloomberg reported. “The stake is worth about $2.89 billion, based on Friday’s market close.”
The move comes after Musk teased a shakeup at Twitter, or possible plans to build a new social media platform that promotes free speech.
Last month, Musk asked his followers to vote in a poll about free speech and Twitter’s adherence to it, emphasizing that the “consequences of this poll will be important.”
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” the 50-year-old asked. “The consequences of this poll will be important. Please vote carefully.”
When the poll came back to show that more than 70% of the 2,000,000-plus who voted answered “No,” Musk teased creating a new platform of his own.
“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?” he asked, following up, “Is a new platform needed?”
The next day, the entrepreneur said he was giving “serious thought” to building a new platform with “an open source algorithm,” promoting free speech.
“Would you consider building a new social media platform, [Elon Musk]?” one Twitter user asked. “One that would consist an open source algorithm, one where free speech and adhering to free speech is given top priority, one where propaganda is very minimal. I think that kind of a platform is needed.”
“Am giving serious thought to this,” Musk responded.
This story originally appeared on The Daily Wire.
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