Technology

Elon Musk is buying almost 10% of Twitter in a deal worth $2.9 billion after blasting the app over freedom of speech

ELON Musk has paid billions for a large stake in Twitter after complaining about freedom of speech on the platform.

The Tesla founder now owns 9.2 percent of the shares in the social network, making it the largest shareholder – four times as much as founder Jack Dorsey.

Musk recently said he's seriously considering launching his own platform

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Musk recently said he’s seriously considering launching his own platformPhoto credit: AFP

Billionaire Musk50, is one of the most high-profile Twitter users with more than 80 million followers.

And its massive influence could bring big changes for the site.

He recently released a poll asking people if they think Twitter “rigorously upholds” freedom of expression.

“The consequences of this survey will be important,” he said at the time.

When over 70% answered no, he gave a big hint that he could start his own social network.

“I’m seriously considering it,” he told fans.

Instead of this, musk – who hopes to one day live on Mars – has decided to go straight to Twitter.

The business tycoon is no stranger to his own Twitter controversy.

He had previously landed in hot water over a series of social media gaffes, including comparing Canadian Prime Minister Justin Trudeau to Adolf Hitler.

According to a US filing reported by BloombergThe entrepreneur made the purchase on March 14.

Musk’s shares are believed to be worth $2.89 billion/£2.20 billion.

His 9.2 percent share dwarfs that of Twitter founder Dorsey’s 2.25 percent resigned as boss.

Social media expert Matt Navarre told The Sun it’s hard to say what Musk’s true motives are.

“He will quickly discover that sending rockets into space and solving the world’s energy crisis is much easier than moderating content on a social media platform.”

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While the SpaceX owner will have a passive stake in the tech giant, another expert said CNBC that it “could lead to some kind of buyout”.

“Musk might try to take a more aggressive stance here on Twitter,” said Wedbush analyst Dan Ives.

Twitter has 330 million monthly active users

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Twitter has 330 million monthly active usersPhoto credit: AFP
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https://www.thesun.ie/tech/8604237/elon-musk-buys-twitter-stake/ Elon Musk is buying almost 10% of Twitter in a deal worth $2.9 billion after blasting the app over freedom of speech

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