Elon Musk, the CEO of Tesla Motors and SpaceX and the world’s wealthiest person, bought a 9.2 percent stake in Twitter, after conservatives on the platform urged him to use his wealth to fix the platform’s free speech problem. The purchase makes Musk the largest shareholder in the company.
Less than two weeks ago, Musk expressed concern that Twitter was undermining democracy by failing to live up to its founding ideals of free speech. The tech billionaire then solicited advice from his followers about how to address the problem.
Twitter CEO Parag Agrawal (Google Cloud/YouTube)
“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” said Musk.
“What should be done?”
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
In response, a number of conservatives and libertarians, including this reporter, suggested that instead of creating a new platform (which has been attempted many times before), Musk should simply buy Twitter and restore freedom of speech on the platform.
Buying Twitter and restoring 2014-16 levels of free speech would have a colossal effect on the media, politics, and culture of the west – for the better.
— Allum Bokhari (@LibertarianBlue) March 26, 2022
Buy twitter
— Cernovich (@Cernovich) March 26, 2022
Just new ownership. Buy it.
— THE FALL OF IDEALS 15 YEAR CELEBRATION TOUR! (@philthatremains) March 26, 2022
Yes. Buy twitter or please build one. Save the country from these psycho Silicon Valley libs
— Buck Sexton (@BuckSexton) March 26, 2022
Put your hand up if you think @elonmusk should buy Twitter.
And reinstate all banned accounts.
— Avi Yemini (@OzraeliAvi) March 27, 2022
Buy Twitter and fix it!
— Brigitte Gabriel (@ACTBrigitte) March 26, 2022
Buy it.
— Clay Travis (@ClayTravis) March 26, 2022
Rivals will never be able to compete effectively. Buy it and run it with actual public forum and free speech principles. Preserve genuine debate and the right to disagree.
— Jenna Ellis (@JennaEllisEsq) March 26, 2022
Responding to filmmaker and author Mike Cernovich’s observation that Twitter gives a pass to leftists who threaten violence against conservatives, Musk agreed that the platform’s policy “doesn’t sound very balanced.”
Doesn’t sound very balanced
— Elon Musk (@elonmusk) March 26, 2022
Musk’s purchase of Twitter shares sent the company’s value soaring, with shares up over 30 percent today.
The Tesla and SpaceX founder’s stake is worth $2.89 billion based on Twitter’s closing price on Friday. The stake is passive, meaning Musk will not yet take an active role in running Twitter, but analysts say his ownership sets up him up for larger purchases down the road.
“Musk could try to take a more aggressive stance here on Twitter,” said financial analyst Dan Ives on CNBC this morning. “This eventually could lead to some sort of buyout.”
With an estimated net worth of more than $260 billion, purchasing the platform in its entirety seems well within Musk’s financial means.
Allum Bokhari is the senior technology correspondent at Breitbart News. He is the author of #DELETED: Big Tech’s Battle to Erase the Trump Movement and Steal The Election.
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