Tesla Motors and SpaceX CEO Elon Musk (pictured) became Twitter’s largest shareholder with an investment valued at $2.9 billion, a move The New York Times (NYT) reported could pave the way for an aggressive involvement in the platform’s strategy.
A US Securities and Exchance Commission (SEC) filing released today (4 April) showed Musk acquired a 9.2 per cent stake in Twitter on 14 March. The amount paid is based on the company’s stock price on 1 April.
Musk is an avid user of Twitter, but previously criticised the company’s moderation policies.
NYT cited Daniel Ives, an MD and senior equity research analyst for technology at investment company Wedbush Securities, as stating the billionaire could be seeking to steer Twitter’s direction.
In late March, Musk questioned Twitter’s role in modern democracy.
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? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Musk has more than 80 million followers on Twitter and previously floated the prospect of starting his own social media platform, most recently in late March when he tweeted he was giving it “serious” consideration.
Details of Musk’s invesment resulted in a 25 per cent bump in Twitter’s stock price ahead of the opening of trading on the New York Stock Exchange.