Elon Musk buys 9.2% of Twitter stock and asks the largest shareholder why 'to protect freedom of speech'

Elon Musk, known as the founder of electric vehicle maker Tesla and space exploration company SpaceX, has purchased a 9.2% stake in Twitter and has become the company's largest shareholder. It is reported that the reason why Mr. Musk acquired the shares of Twitter is 'to make Twitter protect freedom of speech.'


Elon Musk Buys 9.2% Twitter Shares in Passive Stake; TWTR Stock Rises --Bloomberg

Elon Musk buys 9% of Twitter stock as he pressures company on “free speech” | Ars Technica

Elon Musk buys 9.2 percent of Twitter amid complaints about free speech --The Verge

According to media reports, Musk became the company's largest shareholder by acquiring a 9.2% stake in Twitter a week after he said it 'may shake the social media industry.' After it was revealed that Musk had acquired a stake in Twitter, the company's share price has risen by 27%. This number is the highest rate of increase in stock prices per day since Twitter went public in 2013.

Mr. Musk voted on Twitter on March 25, 2022, 'Freedom of speech is essential for democracy to work. Do you think Twitter adheres to freedom of speech?' .. More than 2 million votes were collected, and the result was 29.6% for 'yes' and 70.4% for 'no'.

After that, Mr. Musk said, 'Given that Twitter is functioning as a de facto public place, the current situation of not following (believed to be) freedom of speech can shake the roots of democracy. What should I do? '' Need a new platform? '

From these tweets, it is reported that the reason why Mr. Musk became the largest shareholder of Twitter is 'to make Twitter protect freedom of speech.'

Musk is one of the most famous people on Twitter and is also known for his regular troubles on the platform. Tesla's share price soared when Mr. Musk tweeted in 2018 that he had plans to keep Tesla's stock private. Mr. Musk frequently makes the above-mentioned “tweets that have a great impact on the market”, and the 2018 case has been filed in a class action proceeding by investors for violating the securities law.

Elon Musk faces a class action crisis by tweeting that he is considering Tesla's privatization-GIGAZINE

by JD Lasica

Bloomberg said, 'This is likely to be a new big challenge for new CEO Parag Agrawal, who will replace Jack Dorsey, who resigned in November 2021. Agrawal will be accountable and make decisions quickly. By the end of 2023, Twitter has pledged to improve its product execution by increasing its annual sales to $ 7.5 billion and increasing its daily user base to 315 million. We have an ambitious growth target for

Unlike companies such as Google, Facebook, Amazon, and Snap, Twitter has no special voting rights for its founders and is said to be particularly vulnerable to external pressure. In fact, Twitter has been under pressure from the activist of investment management firm Elliott Management since 2020, which is said to have triggered the second departure of CEO Dorsey.

It's unclear what exactly he plans to do with Mr. Musk's acquisition of Twitter shares. In addition, when Twitter announced the function to set NFT as a profile image, Mr. Musk criticized the function as 'Twitter made a mistake in priority'.

in Web Service, Posted by logu_ii