CNBC: Twitter shares close up 27% after Elon Musk takes 9% stake in social media company

 This was the breaking news for today Elon Musk known for sending his own private rockets into space and his own electric automotive company has become the largest shareholder in the social media site Twitter. I wonder what this means in the long run. For example will Twitter become more committed to free speech principles.

CNBC:

Outspoken Tesla CEO Elon Musk purchased a giant stake in Twitter that makes him the largest outside shareholder in the social media stock, not long after criticizing the company for what he said was its failure to uphold the tenets of free speech.

Musk owns 73,486,938 shares of Twitter, which represents a 9.2% passive stake in the company, according to a Securities and Exchange Commission 13G filing released Monday. The stake is worth $2.89 billion, based Twitter’s closing price Friday.

The purchase comes less than two weeks after Musk criticized the company, polling people on Twitter about whether it adheres to free speech principles. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted. “What should be done?”

Late last month, Musk also said he was considering building a new social media platform.

Also:

While it is classified as a passive stake, investors were bidding shares higher on the chance this could lead to something more. Twitter stock surged more than 27%.

“Musk could try to take a more aggressive stance here on Twitter,” Wedbush analyst Dan Ives said Monday on CNBC’s “Squawk Box.” “This eventually could lead to some sort of buyout.”

“This makes sense given what Musk has at least been talking about, at least from a social media perspective,” Ives said.

Want to see the conservative side of this news check out Instapundit. The wokies might not like Mr. Musk although I don't characterize him as a committed conservative. However, after hearing about censorship on social media - even going through my own relatively minor episode at the end of 2020 - there needs to be a shakeup in that space. 

New social media like President Trump's Truth Social is a great start for example. However, who holds the most attention a site like Twitter can that place be redeemed to be a great place for a great flow of new ideas.