Elon Musk became the largest shareholder of Twitter after buying a 9.2% stake in the social network, according to Bloomberg. After the announcement of the purchase on Monday, the shares of the social network rose by about 26%. The stock closed at around $2.89 billion on Friday.
A week earlier, Elon Musk asked his Twitter followers whether the social network adheres to the principle of freedom of speech. The majority of those who voted did not think so.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
The next day, the billionaire said that Twitter, de facto, serves as a public city square and undermines democracy by violating freedom of speech. He also asked subscribers if a new platform was needed in that case.
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
According to Wedbush analyst Dan Ives, Elon has set his sights on Twitter. This can potentially lead to a more aggressive role of the social network owner.
The changes could also be a test for new social media CEO Parag Agraval, who has promised to make Twitter more accountable, to make decisions faster and do a better product.
The company planned to increase annual revenue to $7.5 billion and attract 315 million active users by the end of 2023. Twitter has ambitious goals to convince skeptical investors that the business will expand. The company has been growing steadily for many years, but the increase in shares was lower than that of competitors in the industry.
At the same time, Twitter is particularly vulnerable to external pressure. Unlike Google, Facebook, Amazon and Snap, the company’s founders have little control over voting for its future.
Elon Musk is one of the most prominent Twitter users, who has repeatedly encountered problems on the platform. It is unclear what he plans to do next. According to the Bloomberg Billionaires Index, Musk is already the richest man in the world.