Elon Musk Makes The Ultimate Power Move Against Tech Giants

Elon Musk has purchased a large stake in Twitter, making him the company’s largest shareholder just days after raising concerns about its commitment to free speech.

According to the Financial Times, Musk’s acquisition was revealed in an SEC filing published on Monday. Musk now has a 9.2 percent stake in Tesla. It follows a poll that Musk put up on Twitter, which sparked rumors that he was thinking about buying Twitter or establishing his own social network.

Elon Musk, the world’s wealthiest individual, now owns 73,486,938 Twitter shares, according to a filing. The Vanguard Group holds an 8.39 percent stake second. The founder of the company, Jack Dorsey, has a 2.25 percent share in Twitter’s stock.

After the acquisition was revealed in premarket trading on Monday, Tesla’s Twitter followers rose by 25%.

Tesla and SpaceX founder Elon Musk, who has 80 million followers on Twitter, has criticized the site for stifling conservatives. In his poll published on March 25, most of his followers agreed with him.

“Free speech is vital to a functional democracy. Do you think Twitter sticks to this fundamental idea?” Musk emphasized that “the results of this poll will be crucial.” More than 70% of respondents answered “no” when asked if they felt Twitter protected their right to free speech.

Elon Musk later reinforced his position in a second poll, writing, “Do we need a new platform?” Musk has also criticized the platform’s content moderation policy, suggesting that “failing to support free speech principles” is harmful to democracy.

Elon was recently slammed for his Tweets about Tesla. The SEC sued Musk on March 22, seeking a preliminary injunction to enforce a 2018 consent decree that required Tesla’s attorneys to review any tweets Musk posted that might influence the firm’s stock price.

In November, Musk held a Twitter poll in which he asked whether he should sell a large amount of Tesla stock. He later sold $5 billion worth of Tesla stock as a result. In December, investors sued Musk, claiming that his tweets had harmed the stock.

Author: Blake Ambrose