Billionaire Tesla CEO and SpaceX founder Elon Musk just made a major splash over on social media – by buying a ton of it.
It was announced Monday that the high-profile entrepreneur, who's worth more than $267 billion, had purchased a 9.2% "passive share" of Twitter at a total of $2.89 billion, making him the brand new owner of single biggest chunk of the social media platform. The price of Twitter shares shot up 26% in pre-market trading following the revelation.
The news follows a public poll Musk put out on Twitter just last week asking users whether they believed the site, which Musk described as the public’s “town hall,” held to the “principle” that free speech is fundamental to democracy. An overwhelming 70% of respondents responded “no.”
As one of only a few people with the capital to do it, many advocates of free speech have implored Musk to either buy Twitter or start a new social media platform, as the social media site continues to crack down on those who express viewpoints deemed “offensive” by the progressive left. Twitter most recently suspended the account of the Babylon Bee, a right-leaning satire site, for adhering to the fact that there are only two, non-interchangeable genders.
Musk, a vocal proponent of free speech, has caught flak from the left for criticizing the government's response to the COVID pandemic, and has mocked progressives' never-ending list of gender pronouns.
The move to buy a large chunk of the company, far larger than the 2% still owned by former Twitter CEO Jack Dorsey, may signal that Musk is about to shake up the world of seemingly untouchable social media elites - and, hopefully, for the better.