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According to an SEC filing issued Monday, Tesla CEO Elon Musk purchased a 9.2 percent interest in Twitter Inc.
According to the filing, Musk purchased approximately 73.5 million shares, making him the largest stakeholder.
Musk has questioned if Twitter "rigorously adheres to" the "free speech" premise. Musk conducted a poll on Twitter, and 70.4 percent of those who responded claimed that Twitter does not.
Free speech is essential to a functioning democracy.
— Elon Musk (@elonmusk) March 25, 2022
Do you believe Twitter rigorously adheres to this principle?
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?” Musk then tweeted.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
— Elon Musk (@elonmusk) March 26, 2022
What should be done? https://t.co/aPS9ycji37
Musk also stated that he was "giving serious thought" to building a new platform that would allow for "free speech."
According to the AP, the investment is considered passive.
According to the Associated Press, Dan Ives of Wedbush Securities said in a client note Monday that the passive stake is likely "just the start of a broader [conversation] with the Twitter board/management that could eventually lead to an active stake and a potentially more aggressive ownership role of Twitter."
Following the announcement, Twitter shares increased by more than 20%.
