Twitter Stock Surges 27% After Elon Musk Becomes Biggest Shareholder
thewrap.comfiling Monday with the Securities Exchange Commission, the Tesla and SpaceX boss has gobbled up a 9.2% stake in Twitter — which was worth $2.9 billion at the close of trading on Friday.Given the stock’s surge on Monday, Musk’s stake is now worth $3.84 billion — suggesting that he’s already seen nearly $1 billion in gains on his investment.
Musk’s investment follows his public criticism of the platform’s content moderation policies. Last month, he even suggested that he might create his own social network.
Although details are short on Musk’s exact plans for Twitter, he has been vocal about the platform failing to uphold its free speech policies.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/aPS9ycji37On March 25, Musk tweeted: “Free speech is essential to a functioning democracy.
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