/ 06 April 2022

Musk takes over Twitter

Elon Musk
Image source: Getty

Tesla/SpaceX boss Elon Musk has added another notch in his belt after becoming a major shareholder of social media giant Twitter. The company revealed on Monday that the billionaire purchased around US$3 billion worth of Twitter shares last month, amounting to a 9% stake. Musk’s investment has certainly paid off since then, with Twitter’s share price jumping 30% following the news. But analysts say it’s less about the money for the world’s richest man… Musk is an avid user of the platform, and last month asked his followers whether they thought Twitter encouraged free speech. The resounding response was ‘no’, and analysts and legal experts say Musk could now leverage his position to make changes to the platform – including an edit button for tweets.  Overnight, the company announced that Musk is also joining its board and says he’ll “bring greater value” to it. For his part, Musk says he’s giving “serious thought'” to creating a new platform altogether, former US President Donald Trump will have some pointers

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