Nine days after expressing disappointment with Twitter’s censorship of key democratic principles such as free speech, Tesla’s CEO Elon Musk has finally bought a stake in the San Francisco-based social networking service.
According to an SEC filing dated April 4, the Tesla boss purchased 73,486,938 shares of the social media giant, spending approximately $3 billion based on Friday’s market close. This translates to a 9.2% stake in Tiwtter Inc, making him the largest shareholder and ultimately the individual with the strongest vote in the firm’s decision-making.
Following the disclosure, Twitter’s stock price spiked 28.84% to hit $50, making the Billionaire over $1 billion richer considering the Monday filing shows that he bought the shares on March 14. Although it is still unclear what Musk is planning with the stake, he has on various occasions lambasted the company for censoring free speech.
In a series of tweets beginning March 25, the outspoken CEO polled more than 80 million of his followers requesting to know if they believed Twitter “rigorously adheres” to the principle of free speech being essential to a functioning democracy. The poll which has since garnered 70.4% of votes in the negative had people calling for Musk to purchase the firm or create his own platform altogether.
Wen DOGE for Twitter?
Elon, 50, is now projected to assume a more aggressive role unlike current and former CEOs of Twitter, and could give cryptocurrencies more attention according to the crypto community. Recently, he has criticized Twitter’s development of profile pictures linked to non-fungible tokens stating that the social media company has the wrong priority. Furthermore, he has been an ardent commentator on matters of crypto, often vouching for meme coins such as Dogecoin while giving constructive criticism on others like Bitcoin.
Following the March 25 poll, a curious follower asked if Elon would consider adding Dogecoin to Twitter’s tipping feature to which affirmatively Elon responded by saying “100%”. Currently, only Bitcoin and Ethereum have been integrated by Twitter, shutting out a great number of crypto users who would like to use meme coins to tip their favorite creators. That said, if this is to happen, Dogecoin will become the third cryptocurrency on the platform enabling creators to receive tips in the meme coin, boosting the value of the crypto asset.
As of writing, Dogecoin is trading at $0.15 after gaining over 33% in the past nineteen days, with the news of Twitter’s integration of the coin expected to thrust the price to all-time highs.