Tesla’s chief executive, Elon Musk now holds 9.2% of Twitter stakes, according to US Securities and Exchange Commission filings on Monday. Musk has now become the biggest shareholder, weeks after questioning the platform’s commitment to free speech.
The shares of Twitter exploded 21% in pre-market trading after the Securities and Exchange Commission filing revealed Musk had purchased more than 73 million shares valued at $2.89 billion at Friday’s closing price.
Musk has been prominent on Twitter, and he recently conducted a poll on Twitter asking his 80 million followers about the platform’s commitment to free speech. He had asked his followers to vote wisely, stating that the results of the poll would be significant.
Almost 70% of the respondents voted “No”, after which, he posted another tweet asking if there should be another alternative to Twitter. He also stated that he is seriously considering starting his own social media platform.
Musk declared himself a “free speech absolutist” earlier this month after claiming that some government had urged Starlink to ban access to Russian news outlets. “We will not do so unless at gunpoint,” he stated.
Musk’s use of Twitter has landed him in trouble very often. He tweeted in 2018 that he had secured the funding to take Tesla private if the stock rose to $420 a share. Eventually, it was revealed that Musk had not secured funding for the sale, as a result, the Securities and Exchange Commission asked Musk to have Tesla’s lawyers pre-approve any tweets on the company’s financial health, sales, delivery figures, and more.