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Elon Musk Acquired 9.2% Of Twitter Stake For $2.89 Billion

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According to The Verge (via Bloomberg), Tesla and SpaceX CEO Elon Musk have acquired 9.2 percent of Twitter stake. The news is confirmed based on the recently revealed 13G filing.

Elon Musk is one of the most active Twitter users and has more than 80 million followers on this platform. His tweets are always very popular with users and receive tons of engagement.

As per the report, Musk acquired 9.2 percent of Twitter on March 14th and paid $2.89 billion based on Friday’s closing price. Although the Musk stakes are known as a passive stakes, an analyst at Wedbush told CNBC that the purchase “could lead to some sort of buyout.”

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Elon Musk’s purchase of Twitter shares is notable for the fact that he recently asked his followers about the platform’s adherence to free speech. On March 25th, Musk created a poll on his account and asked, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” Then he said the consequences of this poll would be very important and asked the voters to vote carefully.

Does Elon Musk want to turn Twitter into a free speech advocate?

Since the latest presidential election in the United States, Twitter has been under fire for labeling and removing Donald Trump’s tweets. Then, Twitter even closed Trump’s account and didn’t allow him to open any new account. Trump’s request to the court has not yet reached a specific result.

Musk’s poll of his followers seems to have influenced his decision to buy Twitter shares. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he said in another tweet shortly after the poll.

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At the beginning of the conflict between Russia and Ukraine, Musk claimed that he had refused the request of some governments to block access to Russian news sources through Starlink. Musk said he considered himself a “free speech absolutist.”

Following the presidential election controversy, some sources even reported that Musk was seeking to establish a new social platform. However, he now owns 9.2 percent of Twitter shares, and we’ll have to wait and see what he is going to do with that. As a major shareholder, Musk may want to reconsider Twitter strategies and policies over free speech.