Elon Musk, the Tesla CEO, made a major investment in Twitter, making it the social networking company’s largest outside investor, not long after criticizing it for failing to uphold free speech’s basics. The whole thing had at least one GOP Rep. immediately demanding the return of Donald Trump to the platform.
Musk holds 73,486,938 shares of Twitter, per a Special provision 13G report issued on Monday, reflecting a 9.2 % inactive ownership stake. The investment is valued at $2.89 trillion dollars predicated on Twitter’s closing price last Friday, per report.
The acquisition comes less than two weeks after Musk attacked the firm on Twitter, asking followers if it follows free speech ideals. Musk said on Twitter: “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?”
Musk also hinted late last month that he was considering creating a new social media platform. Regardless of the fact that it is a passive investment, many people were bidding higher on the shares in the hopes of profit. The value of Twitter’s stock has increased by more than 27%.
On CNBC’s “Squawk Box,” Wedbush analyst Dan Ives stated, “Musk might want to adopt a more confrontational stance here on Twitter.” “There’s a chance this might lead to a buyout in the future.”
“Given what Musk has been talking about, at least from a social media standpoint,” Ives said, “this makes sense.” Twitter did not respond to requests for comment.
Musk has over 80 million Twitter followers and is a frequent user of the network. However, several of Tesla’s tweets have brought him into trouble over the years. Musk said on Aug. 7, 2018, that he has “financing secured” to take Tesla, private at a price of $420 per share.
For Musk and Tesla stockholders, the year after that tweet was a roller coaster. The corporation established performance records during that time, but it also had to cope with lawsuits, government investigations, and layoffs. Musk also struck a deal with the Securities and Exchange Commission, which saw him removed from his position as chairman of Tesla.
Once Elon Musk picked up his shares of Twitter, it was GOP Rep. Lauren Boebert who immediately demanded that Donald Trump’s account be reinstated.
Now that @ElonMusk is Twitter’s largest shareholder, it’s time to lift the political censorship.
Oh… and BRING BACK TRUMP!
— Lauren Boebert (@laurenboebert) April 4, 2022