Tesla and SpaceX CEO Elon Musk bought a 9.2-percent stake in Twitter, a Securities and Exchange Commission filing revealed on Monday.
The stake comprises close to 73.5 million shares and is valued at $2.89 billion, according to the market close on Friday. The purchase makes Musk the largest shareholder in Twitter, with over four times the share of former Twitter CEO and co-founder Jack Dorsey, the Financial Times noted.
Twitter stock jumped 26 percent at the news of Musk’s purchase.
Musk, the world’s richest man and valued at $273 billion according to Bloomberg, conducted a Twitter poll on March 25 asking followers whether the platform encourages free speech.
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” Musk asked. “The consequences of this poll will be important. Please vote carefully.”
The consequences of this poll will be important. Please vote carefully.
— Elon Musk (@elonmusk) March 25, 2022
With over 2 million votes cast on Twitter, over 70 percent responded “no.”
“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 asked in a series of follow-up tweets on March 26. “Is a new platform needed?”
Is a new platform needed?
— Elon Musk (@elonmusk) March 26, 2022
Musk has 80 million followers on Twitter; however, under a 2018 deal with the SEC, the Tesla CEO is limited in tweeting about the electric-car market. Musk had sent a tweet in August 2018 stating “am considering taking Tesla private at $420. Funding secured,” which caused Tesla stock to surge but which also prompted an SEC investigation.