Tesla CEO and founder of SpaceX Elon Musk has taken a 9.2% stake in Twitter Inc.
According to an SEC filing, Musk has purchased 73,486,938 shares of common stock. With TWTR trading at $39.31 at Friday’s close, this brings the total purchase to more than $2.8 billion.
As for the price of Twitter’s stock, it has already jumped more than 26% before markets opened.
Elsewhere in the crypto world, the price of Dogecoin, one of Musk’s favorite cryptocurrencies, appears to be benefiting from the news of Musk’s newfound Twitter stake. The cryptocurrency that began as a joke, has rallied more than 9% after Tesla CEO and founder of SpaceX took that stake in Twitter.
Free speech
A recent survey he posted asked the public “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”
In recent months, Twitter has come under fire for censoring tweets from conservative activists while allowing hate speech from other users.
Twitter is one of the best ways for people to get their opinion heard by as many people as possible, and as such has been used by world leaders to reach out and talk to their constituents.
Last month, Twitter announced a new internal team dedicated to exploring ways to incorporate decentralized technology into Twitter’s infrastructure itself. This seems to be part of a larger trend in social media platforms seeking to adopt decentralized technologies. In November 2021, Solana co-founder Raj Gokal said he needed to be “freed from centralized social media,” as he announced a $100 million initiative for Web3 social media technology alongside Reddit’s co-founder Alexis Ohanian.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
