Elon Musk became Twitter’s largest shareholder

By noon EST on Monday, the value of the site founded by Jack Dorsey had risen nearly 30% since last Friday.

According to a document filed with the Securities and Exchange Commission (SEC), the American stock market regulator, Mr. Musk, who is among the richest people on the planet, earned nearly 73.5 million common shares of Twitter, or 9.2% of the company’s stock market value.

This makes him the largest shareholder in the group leading investment fund Vanguard (8.8%) and the bank Morgan Stanley (8.4%), according to data from Bloomberg.

Based on Twitter’s closing stock price on Friday, the South African -born billionaire’s investment is nearly US $ 2.9 billion (C $ 3.62 billion). .

A love-hate relationship on Twitter

Elon Musk often speaks on the social network of tweets, where he just has over 80 million subscribers.

His announcements on the platform often provoke controversy.

In the summer of 2018, he notably published a tweet in which he claimed to have the appropriate funds to withdraw Tesla from the New York Stock Exchange, without providing proof.

After a bad republishing in early 2019, he agreed that his posts were directly related to the electric vehicle manufacturer’s pre-clearance business by the SEC.

The Tesla boss’s Twitter posts have embarrassed him more than once.

Photo: (Matt Rourke/The Associated Press)

The leader also offered his position as chairman of the board of directors of electric car manufacturer Tesla.

In early March, however, Mr. Musk told a New York judge to overturn the agreement he had with the stock market constable in his Twitter posts, saying through his attorney that the SEC is looking to harass Tesla and silence Mr. Musk.

The billionaire boss is also critical of the steps Twitter has taken to moderate certain content deemed inappropriate.

Does Twitter really do censorship?

In late March, Mr. posted. Musk of two polls on the social network, one would ask people who follow his account if they think Twitter’s algorithm should be open-source (open-source), one to find out if they considered the company to respect freedom of expression.

The response of the voters was very strong oo in the first survey and No. in the second.

Because Twitter acts as a de facto public square, its failure to adhere to the principles of free speech primarily undermines democracy.the Tesla boss wrote on Twitter following the results.

Need a new platform? he asked.

Twitter has been regularly accused of censorship by many conservative voices in the United States, especially since Donald Trump’s account was suspended in January 2021.

Like Facebook and YouTube, the blue bird network believes the former president of America encouraged his supporters to violence before the attack on the Capitol, which took place on January 6, 2021.

In response to his ouster, Mr. Trump launched in February his own platform, Truth Social.

A contribution passive

In the document sent to the SEC, Mr. Musk specified that his stake, less than 10% of ordinary shares, was passive, meaning he did not intend to influence the company’s key strategic decisions.

However, this entry into capital could be the beginning of a more active role within the company, according to specialists.

We hope that this passive participation will mark the beginning of deeper discussions with Twitter’s management and board, which could lead to active participation and potentially more aggressive ownership.said in a note Dan Ives of Westbush Securities.

Contacted by Agence France-Presse (AFP), Twitter did not provide an immediate response.

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