Tesla CEO and the richest man on Earth- Elon Musk is now the largest shareholder of popular micro-blogging portal Twitter.
Musk acquired a 9% stake in Twitter to become its largest shareholder this week, at a time when he is questioning the social media platform’s dedication to free speech and the First Amendment. The motive behind Musk’s 73.5 million share purchase, worth about $3 billion, is still unknown- but the maverick businessman is known for making impulsive decisions every now and then.
This being said, Musk has also previously raised the possibility with his massive and loyal Twitter following, that he could create a rival social media network. Industry analysts and legal experts say Musk could begin advocating for changes at Twitter immediately if he chooses.
In March, Musk told his millions of followers on Twitter that he was “ giving serious thought ” to creating his own social media platform, and has clashed repeatedly with financial regulators about his use of Twitter. Musk also recently described himself on Twitter as a “free speech absolutist”, explaining why the Starlink satellite internet service would not block Russian state media outlets, which have spread propaganda and misinformation in line with the Kremlin’s narrative on its war in Ukraine.
“Musk’s actual investment is a very small percentage of his wealth, and an all-out buyout should not be ruled out,” wrote Zino, who covers Twitter and social media.
Twitter did not immediately respond to a request for comment.