The Tesla boss just became Twitter's largest shareholder after purchasing a 9.2% stake.
Tesla and SpaceX founder Elon Musk this week purchased a 9.2% stake in Twitter, Inc. after some urging from several right-leaning Twitter users. The move made him the largest shareholder of Twitter.
According to CBN News, the billionaire entrepreneur's latest purchase came just days after he questioned the left-leaning platform's approach to free speech. He even posited whether it would be a good idea to establish his own social media platform.
A filing from the U.S. Securities and Exchange Commission showed that Musk purchased a 9.2% stake in Twitter, Inc., which means he now controls about 73.5 million shares in the company, making him the largest shareholder of the company. Following the move, Twitter's shares skyrocketed more than 25% and individual stocks were priced at $49.81 each, Fox Business reported.
On March 25, Musk sent out a poll via a tweet that read, "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?" 29.6% answered "Yes," while 70.4% answered "No."
Two days later, Musk asked, "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?"
Musk was urged by several conservative figures to buy Twitter, including Christina Pushaw, press secretary for Florida Gov. Ron DeSantis and radio host Buck Sexton who called on the Tesla boss to "Save the country from these psycho Silicon Valley libs."
When Pranay Pathole asked on Twitter if Musk would "consider building a new social media platform," Musk said he was "giving serious thought to this." Pathole suggested a social media platform that would "consist an open source algorithm, one where free speech and adhering to free speech is given top priority, one where propaganda is very minimal."
Before buying 9% of Twitter, Musk in fact contacted The Babylon Bee, the Christian satire website whose Twitter account was suspended over its biblical views. According to the Daily Wire, Babylon Bee CEO Seth Dillon said that Musk consulted with them before purchasing a stake in Twitter.
"Musk reached out to us before he polled his followers about Twitter's commitment to free speech," Dillon said. "He wanted to confirm that we had, in fact, been suspended. He even mused on that call that he might need to buy Twitter. Now he's the largest shareholder and has a seat on the board."
Musk, who now has the title of "Twitter's largest shareholder," promised to "make significant improvements to Twitter" in the next months, possibly including the addition of an "edit" button for tweets. The Tesla and SpaceX CEO will also be appointed to Twitter's board of directors.
Elsewhere in social media spheres, two senior executives at former President Donald Trump's Truth Social tech start-up have left the company, The Guardian reported. Truth Social's chief of technology Josh Adams and chief of product development Billy Boozer, who joined the company last year and became "central players" in the bid to become the leading conservative social media platform, have resigned from their senior posts.
Adams is considered the "brains" behind the technology of Truth Social, while Boozer had a "large leadership role as product chief." Wes Moss and Andy Litinsky, who are formerly from Trump's reality TV series "The Apprentice," also serve as "senior, day-to-day leadership" since the company was founded last year.