Elon Musk acquires 9.2% stake in Twitter

American billionaire Elon Musk has become the largest shareholder of Twitter, buying 9.2% of the social network’s shares for $2.89 billion. CNBC reports.

Against the backdrop of the deal, Twitter’s shares rose about 25%.

Musk will join the company’s board for two years. During that period his stake in Twitter cannot exceed 14.9%.

The purchase followed Musk’s criticism of the social network’s free-speech policy.

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? https://t.co/aPS9ycji37

— Elon Musk (@elonmusk) March 26, 2022

“Given that Twitter serves as a de facto public town square, failing to adhere to free-speech principles fundamentally undermines democracy,” he wrote.

Alongside the comment, Musk launched a poll: “Do you believe Twitter rigorously adheres to this principle [free speech]?” More than 70% of the 2 million participants voted negatively.

Free speech is essential to a functioning democracy.

Do you believe Twitter rigorously adheres to this principle?

— Elon Musk (@elonmusk) March 25, 2022

Earlier, Musk had repeatedly urged developers of the platform to open-source the algorithms shaping the home feed.

The algorithm needs to be open source

— Elon Musk (@elonmusk) March 24, 2022

He also weighed the idea of a platform of his own, seriously considering it.

Earlier in January, Musk criticised Twitter for integrating NFTs.

In the same month, the billionaire pledged not to countenance a machine uprising.

In March, Musk incorporated artificial intelligence into Tesla’s global strategy for Tesla’s development. Subscribe to ForkLog AI on TikTok!