After a week of saying that he would launch a new social media platform, billionaire entrepreneur Elon Musk has become Twitter's largest shareholder.
As reported by Fox Business, a Monday filing from the SEC showed that the Tesla and SpaceX CEO bought 73.5 million shares of Twitter, giving him a 9.2 percent stake in Twitter Inc. and making him the platform's largest shareholder.
Following Monday's news, Twitter shares jumped by more than 25 percent, with individual stocks priced at $49.81.
Before making the purchase, Musk asked his followers whether he should launch a news social platform over Twitter's tendency to censor dissenting voices.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk wrote in a March 26 tweet. "What should be done? Is a new platform needed?" he asked.
According to CBN News, several conservative Twitter users encouraged Musk to purchase Twitter.
The press secretary for Florida Gov. Ron DeSantis (R), Christina Pushaw, urged the billionaire to buy it and "enact a new policy to make it an ideologically neutral platform."
Elon please buy it and enact a new policy to make it an ideologically neutral platform.
— Christina Pushaw 🇺🇸 (@ChristinaPushaw) March 26, 2022
When asked if he would create a new social media platform altogether, Musk replied, "[I] am giving serious thought to this."
Am giving serious thought to this
— Elon Musk (@elonmusk) March 27, 2022
Tom Forte, an analyst at DA Davidson & Co, predicts that Musk will increase his stake in Twitter in the near future, Bloomberg reports.
"Given Elon's prior comments about wanting to start a social media company, I would say it's possible that he will increase his stake in Twitter or take a controlling interest in the company sometime soon," Forte said.
The news comes after Twitter recently locked out the Christian media platforms The Babylon Bee and The Christian Post for calling Rachel Levine, a transgender Biden official who serves as the Assistant Secretary of the Department of Health and Human Services, a man.
On Tuesday, Babylon Bee CEO Seth Dillon revealed that Musk was considering buying Twitter after Dillion confirmed that the satirical news site had been locked out.
"Musk reached out to us before he polled his followers about Twitter's commitment to free speech. He wanted to confirm that we had, in fact, been suspended," Dillon tweeted. "He even mused on that call that he might need to buy Twitter. Now he's the largest shareholder and has a seat on the board."
Musk reached out to us before he polled his followers about Twitter's commitment to free speech. He wanted to confirm that we had, in fact, been suspended. He even mused on that call that he might need to buy Twitter. Now he's the largest shareholder and has a seat on the board.
— Seth Dillon (@SethDillon) April 5, 2022
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Photo courtesy: ©Getty Images/Loren Elliott/Stringer
Milton Quintanilla is a freelance writer and content creator. He is a contributing writer for CrosswalkHeadlines and the host of the For Your Soul Podcast, a podcast devoted to sound doctrine and biblical truth. He holds a Masters of Divinity from Alliance Theological Seminary.
