It’s happening, Elon Musk looks to be making a massive move to acquire tech giant Twitter after the companies repeated violations of section 230 and censoring people spurred him to ask should he buy it or start a new company?
Musk revealed on Monday that he has acquired the majority stake in Twitter, buying 9.2% of the companies shares worth nearly $3 billion. The move triggered the companies stock to rise by 20%.
The move comes as Musk was asking his nearly 80 million followers should he start a new social media company, while hammering Twitter’s censorship of free speech.
Our own Matt Couch, President Donald J. Trump, Dr. Robert Malone, Congresswoman Marjorie Taylor Greene, Alex Jones, and countless others have been banned from the platform for views Twitter didn’t like based on their liberal polices.
“It does send a message to Twitter … having a meaningful stake in the company will keep them on their toes, because that passive stake could very quickly become an active stake,” said Thomas Hayes, managing member at Great Hill Capital LLC.
A regulatory filing on Monday showed that Musk owns 73.5 million Twitter shares, which are held by the Elon Musk Revocable Trust, of which he is the sole trustee. Vanguard is Twitter’s second-biggest shareholder, with an 8.79% stake, according to Refinitiv data.
“Musk’s actual investment is a very small percentage of his wealth and an all-out buyout should not be ruled out,” CFRA Research analyst Angelo Zino wrote in a client note.
Former Twitter CEO Jack Dorsey who owns 2% stepped down last November as he too was frustrated with the companies censorship of individuals based on their beliefs.