- by Stockry
- 13th Apr 2022
Elon Musk buys stake in Twitter
What would you do with your wealth if you were one of the world’s richest people? You might go out and buy yourself a mansion or a luxury yacht. Right? But that’s not how Elon Musk thinks! Rather he decided to use his wealth by buying a stake in Twitter, a social media giant.
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Elon Musk tweeted. He then asked, “Is a new platform needed?”
Days after this tweet, he purchased the stake in Twitter and his surprise investment, which comes days after doubting the company's free speech commitment and giving an indication that he might start his own social media company, sent twitter prices soaring. Some are speculating that his role in the company would be as an activist, i.e., he will change twitter's policy related to free speech and rights.
Twitter recently went through a major leadership change. In November, Twitter’s co-founder Jack Dorsey stepped down as the company's chief executive. Parag Agrawal, who was previously Twitter's chief technology officer, took over the executive role.
After the stake buy, Elon launched a twitter poll asking users whether they would like an edit button? It seems like Elon already has a plan in mind for the company. Time will only tell whether Elon works in sync with the company’s board or against it.