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Elon Musk becomes Twitter’s largest shareholder with a 9% stake

Elon Musk gives a thumbs up at the Axel Springer Prize 2020 ceremony in Berlin.

photo: Britta Pedersen pool (Getty Images)

The richest man in the world and tI’m the most stubborn CEO, Elon Musk, became the largest shareholder of Twitter last montha social network He said he had “failed to uphold the principles of free speech.”

Musk’s acquisition was published in a Filing with the Securities and Exchange Commission published on Monday. The filing revealed that Musk, CEO of Tesla and SpaceX, bought approximately 73 million shares, or 9.2%, of Twitter on March 14. Jack Dorseyowns 2.2% of company shares. Musk shares are valued at approximately $2.89 billion based on Twitter’s closing price last Friday. The company’s share price rose 26% on the news.

Dorsey seemed to react to the news that same morning with sadness for a long-gone decentralized version of the internet.

“The days of Usenet, IRC, the web…even email (with PGP)…were amazing. The centralization of enterprise discovery and identity has really hurt the internet. I realize that I’m partly to blame and I regret it,” the Twitter founder wrote.

The news of Musk’s purchase comes after a weekend where gossip whirled around the tech mogul. A witness said they saw Musk being denied entry to the Berlin club Berghainnotorious for its severity and inscrutableness entry requirements. Musk denied the claimprotested that he had “Entrance denied”

Monday’s revelation drew Musk’s attention again March 25 survey regarding the state of freedom of expression Twitter that has been made after its purchase. He called Twitter “the de facto public space.”

“Freedom of expression is essential for a functioning democracy. Do you think Twitter strictly adheres to this principle?” the tech mogul wrote in his poll. He added: “The ramifications of this poll will be important. Please vote carefully.”

Overall, the poll received just over two million responses, with 70.4% voting no and 29.6% voting yes.

In response to the March 26 vote Musk tweeted that “failure to uphold the principles of free speech fundamentally undermines democracy”. He then asked his followers what they thought should be done about the situation and whether a new platform was needed.

Considering Musk’s obsession with Twitter – which he keeps using, even though it’s routine gets him in trouble and makes him Fork over millions for bad behavior – the purchase is not exactly surprising. What will be interesting, however, is what Musk decides to do with his shares.

Accordingly Bloombergthe type of filing used to report Musk’s purchase, known as 13G, states that the buyer does not intend to carry out a company acquisition or to have a say in who runs it. Analysts who spoke to CNBC conceded that the purchase was a “passive bet,” but speculated that Musk would take a more aggressive stance in that case, given his recent comments.

https://gizmodo.com/elon-musk-is-twitters-biggest-shareholder-with-9-percen-1848745937 Elon Musk becomes Twitter’s largest shareholder with a 9% stake

Adam Bradshaw

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