Elon Musk Buys 9.2% Stake Of Twitter After The ‘Free Speech’ Poll Has Fans Talking

Elon Musk
Elon Musk
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After ‘serious thought’, Elon Musk arrived at a conclusion!

A few days later, Tesla tycoon Elon Musk did a poll on Twitter to know about what the users felt about the adherence to free speech by microblogging site. To this, more than 70% of users voted a big no. After this, a pint of discussion started when netizens urged the business mogul to buy Twitter while he was giving thought to building a new social media platform just like Twitter but with the feature of free speech.

And now, Musk has acquired a 9.2% passive stake in Twitter and this made him a major stakeholder. The stake is worth $3 billion and this triggers a 20% sharp rose in its shares.

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Elon Musk Takes Twitter!

Elon Musk and Twitter CEO Parag Agrawal
Elon Musk and Twitter CEO Parag Agrawal

Musk, who is an ardemment user of Twitter, joined the platform in 2009 and since then he has had something to announce every day on it. From important announcements to jaw-dropping statements, Musk takes to Twitter.

He even got under regulatory scrutiny because of teasing a go-private deal for Tesla. He has been considerate about this social media platform’s policies and taking a thought from users of it is failing to adhere to free speech norms.

After rounds of discussion among users, billionaire Elon Musk owns 73.5 million Twitter shares which are confined by the Elon Musk Revocable Trust. Musk is the sole trustee of this.

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CFRA Research Analyst, Angelo Zina wrote that “Musk’s actual investment is a very small percentage of his wealth and all-out buyout should not be ruled out.”

Last year, in November the CEO and chairman of Twitter, Jack Dorsey handed the position to the company’s most loyal and seasoned employee, Parag Agrawal. He has worked for Twitter for almost 10-years. Dorsey has over and above 2% stakes in Twitter. There were rumors as well that co-founder Dorsey was paying not enough attention to Twitter while also handling Square.

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Musk and Dorsey share one thing in common. Both have dismissed the Web3, a vague term used for the utopian version of the decentralized internet.

Thomas Hayes, who is a managing member at great Hill Capital LLC stated about the passive stakes by Musk. “It does send a message to Twitter…having a meaningful stake in the company will keep them on their toes. Because that passive stake could very quickly become an active stake.”

In November, Musk has been selling his Tesla stakes and already, offloaded 10% of his holding in the electric car maker. Till now he has sold $16.4 billion worth of shares since then. As of now, Twitter has not made any official comment.

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Fans React To The Musk Buying Stakes

Fans are happy with the decision by Musk and react to it.

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Also Read: Grammy Awards 2022: Full List Of The Winners And Nominees

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