After complaining about free speech on Twitter, Elon Musk buys 9.2 percent stake in the social media platform

Shares rose 21 percent after the news was revealed

Elon Musk now owns a stake in Twitter.

The SpaceX CEO, freedom convoy supporter, and frequent bad meme tweeter purchased 9.2 percent of the social media platform on March 14th.

News of the purchase was released Monday morning through a Securities and Exchange Commission 13G filing.

This led to Twitter’s shares increasing more than 21 percent. According to CNBC, Musk’s stake is worth $2.89 billion USD (roughly $3.6 billion CAD), based on the social platform’s closing numbers Friday.

He now owns almost 73.5 million Twitter shares.

A little over a week ago, Musk launched a poll asking users if Twitter “rigorously adheres” to the principle that “free speech is essential to a functioning democracy.”

A day later, he asked his 80.2 million followers if “a new platform is needed?” Hours later, he tweeted that he was “giving serious thought” to building a new social media platform.

Musk has previously gotten into trouble for his tweets.

In 2018, he tweeted that funds were in place to take Tesla private if shares reached $420 USD (about $523 CAD) each. No such deal was in the works.

As a result, Tesla lawyers have to approve his tweets. Musk is currently trying to get the agreement thrown out and is (questionably?) using quotes from Eminem to get his point across. 

Image credit: Dan Taylor/Heisenberg Media 

Source: CNBC