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%.
According to the company’s chief executive Parag Agrawal, Musk has decided not to join the board.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
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!