“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy”, Musk tweeted last month. “What should be done?”
Elon Musk sent shares of Twitter (TWTR) soaring 22% in early trading last Friday
Musk is the worlds richest person, with an estimated net worth of $288 billion, according to Forbes magazine.
Musk did not disclose what he paid for the shares, but his stake was worth $2.9 billion as of the close of trading Friday, and $3.5 billion after the spike early Monday.
The Twitter share price has been in a free fall over the last 12 months and this move serves notice to the board at Twitter than Musk will demand changes.
In contrast, you can see from the chart below that Tesla shares have gone up in spectacular fashion.
Twitter share price compared to Tesla over last 12 months
The Cancel culture is in for a major shock
Last month, Elon Musk said he was giving “serious thought” to creating a new social media platform. Musk has 80 million Twitter followers; far more than any other CEO. And he is a frequent tweeter, using it as the major form of disseminating news about both Tesla and SpaceX, the two companies he leads, neither of which have the traditional public relations department in place at other companies.
Musk recently ran a Twitter poll asking his followers whether they believe Twitter rigorously adheres to the principle of free speech — 70% said no — and another poll asking whether its algorithms should be open source — 83% responded yes. Both polls attracted more than 1 million responses.
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