Surprise: Elon Buys 9.2% Stake in Twitter, Becoming the Company’s Biggest Shareholder

Previously: Elon Musk Says He’s Considering Building His Own Free Speech Platform After Attacking Twitter

Elon Musk was talking last month about the censoring on Twitter, and musing about making his own platform.

The guy talks so much shit, I didn’t think much of it.

Definitely did not see this coming.

Bloomberg:

Elon Musk has taken a 9.2% stake in Twitter Inc. to become the platform’s biggest shareholder, a week after hinting he might shake up the social media industry.

Twitter shares surged about 26% in premarket trading after Musk’s purchase was revealed Monday in a regulatory filing. The stake is worth about $2.89 billion, based on Friday’s market close.

Musk, 50, polled his more than 80 million followers on Twitter last month, asking them whether the company adheres to the principles of free speech. After more than 70% said no, he asked whether a new platform was needed and said he was giving serious thought to starting his own.

Musk has been one of the biggest personalities on Twitter and has regularly run into trouble on the platform. The Tesla Inc. chief executive officer is currently seeking to exit a 2018 deal with the U.S. Securities and Exchange Commission that put controls in place related to his tweeting about the electric-car maker.

The announcement will be yet another major test for new Twitter CEO Parag Agrawal, who replaced Jack Dorsey after he unexpectedly resigned in November. Agrawal vowed to increase accountability, make decisions faster and to improve product execution. The company set ambitious goals for growth including increasing annual revenue to $7.5 billion and getting to 315 million daily users by the end of 2023.

Musk posted a cryptic meme in December after Twitter announced that Agrawal was taking over from Dorsey as Twitter’s CEO. It depicted Agrawal as Soviet dictator Joseph Stalin and Dorsey as Soviet secret police head Nikolai Yezhov being shoved into water.

It wasn’t cryptic.

Becoming the largest stakeholder makes him the most powerful person on the board.

Twitter’s stock rallied upon the announcement.

I guess now we’re going to see if Elon is truly willing to put his mouth where his money is.

We want Alex Jones back, we want Donald Trump back, we want weev back. We want all the coronavirus and Russia accounts back. Frankly, we want myself back. We want everyone who was banned back.

At the very least, we want news stories about how Elon is pushing for this, and threatening to buy more stock if his demands are not met.

We want free speech.

For whatever it’s worth, Elon appears to actually prefer this, it’s just that up until this point, he hasn’t been willing to do anything about it. This could be him making a move to fix this problem.

However, I’m not really hopeful.

I mean, Twitter is not a really profitable company, so I don’t see why he would do this, after making all these statements about free speech, unless that was his goal.

So, we shall see.

I’ve just lived long enough to see Elon talk about a lot of things and never deliver.

But I am not a pessimist, and this is a shocking move, which could signal something good.

Ideally, he would force out Parag Agrawal, and bring in Alex Jones as CEO.