After somewhat condemning the social platform and telling his followers that he would likely launch his own version, Elon Musk bought about 10% of the shares on Twitter, making him the company’s largest shareholder.
News of Musk’s stock buying on Monday saw Twitter rise more than 25% in pre-market trading (up to .4 47.48 per share), which was just a shame among 73.5 million shares.
Twitter founder Jack Dorsey owns only 2.25% of the company, which means less than 5 times the mask of Dorsey’s holdings.
Dorsey went to her own platform to wax nostalgic wax for the early days of the Internet and lamented how it has become more and more centralized in recent years.
“The days of Usenet, IRC, web … even email (W PGP) … were amazing. “The focus on discovery and identity in corporations has really hurt the Internet.” Dorsey writes. “I understand that I am partly responsible, and I regret it.”
The purchase of the mask comes just a week after Twitter’s criticism and just a week after its 80 million followers voted on whether the platform should impose restrictions on “free speech”.
“Freedom of speech is essential for a functioning democracy,” he wrote. “Do you believe that Twitter adheres strictly to this policy?”
More than 70% of Musk’s followers voted “no”, asking Tesla CEO “what should be done?” Asks for follow-up. And suggesting that a new platform should be created.
Given that Twitter de facto acts as a public town square, failure to adhere to the principles of freedom of speech fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
– Elon Musk (lonelonmusk) March 26, 2022
Mask has had success in recent days after Tesla stock soared that the company would seek investor approval to increase the number of shares in hopes of enabling a stock split.
As of Monday morning, Musk had an estimated net worth of 287.6 billion.