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.”