Key Takeaways
- Elon Musk has purchased a 9.2% stake in Twitter.
- Musk not too long ago posted a ballot asking whether or not his Twitter followers suppose the corporate helps free speech.
- Musk has turn into infamous for sharing crypto-related memes on Twitter.
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Elon Musk has taken a 9.2% stake in Twitter. Dogecoin surged on the announcement however has since retraced.
Elon Musk Buys Into Twitter
After turning into often known as one among Twitter’s greatest pranksters, Elon Musk has purchased a 9.2% stake within the social media platform.
Bloomberg reported that the Tesla and SpaceX CEO had invested round $2.89 billion into the corporate early Monday. Musk’s funding represents a 9.2% stake within the agency, and makes him the biggest shareholder.
The information comes after Musk posted a Mar. 25 poll to his 80.2 million Twitter followers asking whether or not or not the social media app championed free speech. “Free speech is important to a functioning democracy. Do you imagine that Twitter rigorously adheres to this precept?” he wrote. “The results of this ballot might be necessary. Please vote fastidiously.” Over 70% of respondents voted no.
Free speech is important to a functioning democracy.
Do you imagine Twitter rigorously adheres to this precept?
— Elon Musk (@elonmusk) March 25, 2022
Musk hasn’t been shy about criticizing Twitter previously. When the corporate launched its NFT profile image characteristic in January, he criticized the transfer as a misallocation of assets that didn’t handle the platform’s different points.
Moreover posting polls and commentary on how you can enhance Twitter, Musk has a fame for his humorous tweets, which regularly reference cryptocurrencies like Bitcoin, Ethereum, and naturally Dogecoin. All through 2021, he used his account to put up numerous memes associated to crypto belongings, at time inflicting ripples available in the market. The SEC has lengthy scrutinized his Twitter antics, significantly his posts mentioning Tesla and Dogecoin. Musk is at the moment contesting a 2018 deal he made with the SEC over what he can say about Tesla, accusing the regulator of miconduct.
Shares for the social media big jumped as information of Musk’s funding surfaced. TWTR is up round 25% at press time after making its greatest one-day leap since 2018. Musk’s favourite crypto asset, Dogecoin, additionally rallied round 20%, although it later gave again most of its features.
Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and several other different cryptocurrencies.
