Twitter‘s share price rises after Tesla CEO Elon Musk buys a stake in the social media platform.
On March 14, Elon Musk bought 9.2 percent of Twitter, according to a 13G filing, The Verge reports. His move came after surveying his 80 million followers about the social media platform’s response to freedom of speech. Musk stated that “free speech is essential to a functioning democracy” in his poll. He then questioned his followers if they believed “Twitter rigorously adheres” to that principle.”
Nearly 30 percent of his followers said they believe the platform respects free speech, and 70.4 percent said they don’t believe Twitter follows the right of free speech. The poll was conducted on March 25. After that initial tweet, he posted another, saying, “The consequences of this poll will be important. Please vote carefully.”
The next day, Musk responded to the results of the poll.
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted. He then questioned followers about whether a “new platform” was needed, given his poll results.
While Musk’s buy is considered a passive stake, the stocks he bought were worth $2.89, and analysts say Musk’s moves “could lead to some sort of buyout,” The Verge reports. As a result, share prices for Twitter went up by 25 percent following Musk’s purchase.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
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
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