Elon Musk buys 9.2% of Twitter – stock jumps 27% in a day

Twitter stocks soared on Monday after Tesla CEO Elon Musk bought a major interest in the social media giant Twitter.  

As per a filing with the Securities and Exchange Commission, Musk purchased a 9.2% stake in the social media company’s stock. With this, Musk has become the largest shareholder in the social media company. 

With the latest acquisition of Muck, Twitter’s stock went up by nearly 25% on Monday. Tesla’s stock also rose by 3.4% after the announcement. 

Interestingly, Musk had criticized Twitter for free-speech-related issues on the social media platform a week ago.  

In a series of tweets on the micro-blogging site, Musk questioned Twitter’s commitment to free speech and asked the users if they wanted a new platform. 

Saying that “free speech is essential to a functioning democracy,” Musk asked users if they believe that “Twitter rigorously adheres to this principle?” 

“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 said, adding if “a new platform needed.” 

If that was not enough, Musk also started a poll recently on Twitter asking users if they wanted Twitter to add an edit button to their tweets. 

His poll, “Do you want an edit button?” generated wild trends and overwhelming response on the micro-blogging site so much that Twitter’s Indian-born CEO Parag Agrawal was forced to clarify that “the consequences of this poll will be important” and advised users to “vote carefully”. 

It may be recalled that Twitter users have for long demanded an edit button on Twitter so that they can edit their erroneous or mistaken tweets. A wild fuzz over the edit button was rekindled recently on April 1 when the platform tweeted that it was working on an edit button. 

As the announcement date coincided with April 1, many users wondered if that was an April Fools Day joke. However, many other users welcomed the announcement saying that they were waiting patiently for it. 

Earlier, Twitter has teased users about using an edit button. In 2020, it had announced that it would introduce the feature when everyone started wearing a mask amid the Covid-19 pandemic.  

“You can have an edit button when everyone wears a mask,” Twitter had announced. 

Elon Musk is a leading American business magnate and entrepreneur. He is the founder and CEO of several successful global ventures, including SpaceX, Tesla, Inc, the Boring Company, Neuralink, and OpenAI. With an estimated wealth of over US $ 270 Billion, he is one of the most wealthy and influential people in the world as per various indices released by Forbes and Bloomberg. 

Musk joined Twitter in 2009 and often posts humorous and cryptic tweets on Twitter. He is a prolific Twitter user and has over 80 million followers on the platform. Musk has used the Twitter platform to make several important announcements and concepts regarding his own company Tesla Inc. 

Lately, however, Musk has become quite critical of the famous micro-blogging platform. He has often accused Twitter of undermining democracy and pointing out its failure to adhere to the free-speech norms, a must requirement in a healthy democracy. 

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