Elon Musk now owns a significant part of Twitter. According to a Securities and Exchange Commission filing, the Tesla CEO bought a 9.2 percent stake in the social media site on March 14. According to Bloomberg, Elon Musk has become the largest shareholder of the social network as a result of the acquisition of his shares.
According to CNBC, the shares are worth $2.89 billion based on Twitter’s closing price on Friday. On Monday, shares of Twitter rose more than 27% to end at $49.97.
Musk is one of Twitter’s most active users and has used his influence to cast doubt on the platform’s dedication to free speech. He polled his 80.2 million followers on March 25 to see if they thought Twitter “rigorously adheres” to the principle of free speech. More than 70% of those surveyed said no.
Musk was alluding to the US Constitution’s First Amendment free speech rights, which only apply to government restriction of speech. Twitter, as a company, decides what can be posted on its platforms, forces users to agree to terms of service when they sign up, and has the authority to remove people who disobey its rules.
Musk responded on March 26 asking if a new platform is needed and told a follower that he is “considering” launching one. The tweet was posted more than two weeks after the SEC filing date of his Twitter investment.
Musk’s plans with Twitter are unclear, but his investment in the company could have an impact on its long-term strategy.
“Specifically, Musk could try to influence the openness of the platform and the way it manages content, or he could push to invest more aggressively in the subscription model,” Ali Mogharabi, a senior equity analyst at Morningstar, wrote. in a note on Monday. Last year, Twitter launched Twitter Blue, a $3-per-month subscription service that lets users undo messages, read ad-free content and access other services.
Twitter has been going through a lot of changes in terms of leadership. Jack Dorsey, co-founder of Twitter, resigned as the company’s CEO in November. Parag Agrawal, who previously served as Twitter’s CTO, has taken over as CEO. In 2021, Twitter reported $5 billion in annual revenue, with 217 million daily users viewing ads. By 2023, Twitter wants to generate at least $7.5 billion in annual revenue and have 315 million users.
Musk has a large following on Twitter, but some of his posts have landed him in trouble. When Musk promised his then 22 million Twitter followers that he was ready to take Tesla private in 2018, he ran into legal trouble with the SEC. Musk was sued by the commission for making “false and misleading” representations to Tesla investors.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
They reached a settlement in which Musk and Tesla paid $20 million each and the SEC was given control of some of Musk’s social media posts. Musk’s lawyers have argued that the oversight regime has since proven ineffective and have asked a federal judge to terminate the agreement.
A Twitter request for comment was not immediately returned. Musk tweeted, “Oh hi lol,” in response to Monday’s announcement of his Twitter posts. Later in the day, he asked, “Do you want an edit button?” On twitter.
oh hi lol
— Elon Musk (@elonmusk) April 4, 2022
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Source: vtt.edu.vn