Elon Musk has purchased a majority position in Twitter, making him the company’s greatest stakeholder, just days after announcing his plans to build a new social media site. According to a Securities and Exchange Commission 13G filing released on Monday, the billionaire owns 7,34,86,938 shares, which makes it 9.2 percent of Twitter’s total ownership and is worth a stunning $2.9 billion.
Needless to say, Musk’s move has sent Twitter into a frenzy as people try to comprehend what has happened. Musk is a passive shareholder, which means he has no say in how the company is run because he is only an investment. Twitter’s stock has risen over 25% in pre-market trading since the news broke.
Since Musk has become the microblogging site’s largest shareholder, Twitter users are demanding the return of former US President Donald Trump. Following the Capitol riots on January 6, 2021, Trump was banned from key social media networks such as Twitter, Facebook, and YouTube. Many believe that now that Jack Dorsey, the Twitter CEO at the time Trump was barred, is no longer authorized, it is the proper time to reinstate the 45th US President.
If the links are connected, Musk’s takeover comes after a recent survey in which he asked his followers for their thoughts on Twitter’s free speech policy. It’s worth mentioning that over 20 lakh people cast ballots after Musk stated that “the implications of this vote will be significant.” Because more than 70% of voters believe Twitter does not promote free speech, the voting may have set the ground for his desire to become the largest stakeholder in the company.
Many people are pleased and hopeful that now that the billionaire owns Twitter, he would improve the service and restore free speech.