July 6, 2022

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Elon Musk buys 9.2% of Twitter after calling it undemocratic

Elon Musk has bought a 9.2 % stake in Twitter in line with a regulatory submitting posted Monday.

The stake, which was price about $2.89 billion primarily based on Friday’s inventory worth, makes Musk the corporate’s largest particular person shareholder, Bloomberg reported. Different main Twitter shareholders are principally massive funds from funding firms similar to Vanguard and BlackRock.

The transfer comes a couple of week after Musk publicly criticized Twitter for not being democratic sufficient. In a Twitter ballot, he requested his followers whether or not they imagine that Twitter “rigorously adheres” to the precept of free speech as “important to a useful democracy.” He hinted that he has some kind of plan relating to Twitter, saying that the results of the ballot “might be necessary.”

The majority of the folks who voted — roughly 70 percent — voted “no,” and Musk followed up by saying he’s giving “serious thought” to the idea of building a new social media platform.

It seems, nevertheless, that Musk is extra excited about altering Twitter from the within. Whereas proudly owning 9.2 % of Twitter would not give him the facility to radically alter the corporate as he pleases, it’s going to in all probability make him capable of no less than affect Twitter’s selections sooner or later. It additionally opens the door for a buyout sooner or later. “We might anticipate this passive stake as simply the beginning of broader conversations with the Twitter board/administration that might finally result in an lively stake; extra aggressive possession function of Twitter,” WedBush analyst Dan Ives tweeted on Monday.

Musk’s primary mode of communication with the public is Twitter, and he typically tweets several times every day. The Tesla CEO’s tweets got him into trouble on more than one occasion, most notably when he tweeted about “taking Tesla personal” with little to again it up.

This story is growing…

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