A 13G filing released on Monday morning, April 4, highlights key details of a March 14h purchase of Twitter stocks via Tesla CEO Elon Musk. The executive purchased a total of 73.5 million shares, allotting him a 9.2% stake in the social media company. Twitter stock likewise rose, with pre-market share prices hitting up to 25% following the announcement.
Currently, Musk's Twitter shares are identified as being a passive stake. On Friday's close, Musk's stake in Twitter stood at a $2.89 billion price point, according to CNBC, which likewise employed Wedbush analyst Dan Ives via Squawk Box to underscore the importance of Musk's newfound standing:
"Musk could try to take a more aggressive stance here on Twitter. This eventually could lead to some sort of buyout," Ives explains.
Musk has been actively questioning the role of free speech to his over 80 million followers, best highlighted in a poll posted on March 25, wherein the Tesla CEO asks the following:
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"Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?" In reply to his own post, Musk says, "The consequences of this poll will be important. Please vote carefully."
Of the over 2 million people that voted, 70% responded with a "no," claiming that Twitter does not adhere to the principle of free speech. It's an interesting line denoted by the CEO, who has been in the crosshairs for utilizing social media for bad practices, expressed in his various run-ins with the SEC over misconduct in stock trading.
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
The disputes mainly stem from Musk's 2018 Tweet, in which he claimed to take Tesla, private at a $420 a share valuation. This caused SEC investigators to immediately open a case on him after Tesla shares leaped to 13.3% following his post. In this instance, Musk violated securities law and has consistently been at odds with the social media platform and authorities on how he should use Twitter rightfully.
The CEO has even said he would potentially build out and make his own social media platform, which he expressed in a Tweet dated Mar. 26th. Free speech has been a no-bargain rule for the executive, who only recently relayed himself a "free speech absolutist" following pushes via several governments to block Russian news through Starlink. Despite Russia's unequivocal bad practice in the invasion of Ukraine, Musk still sees the importance of free speech and said such an exhibit of censorship would not be viable "unless at gunpoint."
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