09 October 2021, Brandenburg, Grünheide: Elon Musk, Tesla CEO, stands on a stage at the Tesla Gigafactory for the open day. In Grünheide, east of Berlin, the first vehicles are to roll off the production line from the end of 2021. The US company plans to build around 500,000 Model Ys here every year. Photo: Patrick Pleul/dpa-Zentralbild/dpa (Photo by Patrick Pleul/picture alliance via Getty Images)
Elon Musk – the world’s richest man – has just bought 9.2% of Twitter, making him the single largest shareholder in the social media company. Just over a week ago, the Tesla and SpaceX founder teased his more than 80 million followers with a poll asking whether Twitter adhered to the principle that “Free speech is essential to a functioning democracy.” He followed up with a warning to answer carefully, as the poll results would “be important.”
As more than 70% of respondents declared the social media giant was not living up to the idea of free speech, it seems that Musk has seen a market opportunity.
Twitter has filed with the Securities and Exchange Commission (SEC) that Musk has bought 9.2% of common stock within the company, giving him a share almost four times higher than that of founder Jack Dorsey. Musk has yet to make a public statement regarding his purchase.
With this news, The Financial Times reports that “Twitter’s stock is up 25 per cent in pre-market trading to $49.09.”
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