Elon Musk Buys 9.2 Percent Of Twitter, Leading To Questions And Memes About The Platform's Future
Elon Musk, the world’s richest man and one of the top 10 most-followed people on Twitter, has now purchased a 9.2 percent stake in the social media company and become its largest shareholder, according to recent financial disclosures.
#Tesla CEO Elon Musk acquired a 9.2% stake in Twitter, amounting to $2.89 billion as of Friday's closing price. This makes Musk the company's largest shareholder, nearly four times the size of founder Jack Dorsey's 2.25% stake, according to reports. https://t.co/Bgp18AQWw9 pic.twitter.com/s4JoY7gSWP
— Forbes (@Forbes) April 4, 2022
So I guess @elonmusk owns 9% of this tweet now
— Trust – Crypto Wallet (@TrustWallet) April 4, 2022
Musk frequently uses the platform to publicize his other ventures (including his companies Tesla and SpaceX, as well as pet projects like his flamethrower), but also to share his favorite memes, his thoughts on current events and his musings about life in general.
Seize the memes of production!
— Elon Musk (@elonmusk) March 27, 2022
Musk’s recent investment has been connected by some commentators to his posts last week about the social media platform, which included a poll to his followers asking whether they thought Twitter did enough to promote free speech.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Free speech is essential to a functioning democracy.Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Many users speculated what Musk might do now that he has acquired a substantial share of Twitter, and how he might change the way the platform functions. Some celebrated the possibility of Musk changing the way Twitter does content moderation and polices speech on the platform.
I’ve got a funny feeling that Twitter is about to get a lot more fun with Elon Musk on board 👀#dogecoin #doge @elonmusk pic.twitter.com/xJjJi8uxJt
— Sir Doge of the Coin 🇺🇦 🦊 (@dogeofficialceo) April 4, 2022
Elon Musk just became the largest shareholder of Twitter with a 9% stake.Long live free speech.
— Trish Regan (@trish_regan) April 4, 2022
Others criticized the self-described “bizniz magnet” for his financial adventurism and anti-union activity at the helm of Tesla, expressing concern about the future of Twitter.
Elon Musk has $3bn to buy 9.2% of Twitter but he doesn't have the capital to allow his workers to unionize without busting?
— You Got Tamd (@YouGotTamd) April 4, 2022
Elon musk buying twitter shares for 3bnMe who just paid for library membership at 50ksh 😂 pic.twitter.com/GyBoF9EnJx
— γʞɔiЯ🇰🇪 (@MysteriousRichy) April 4, 2022
To think I grew up 2b bizniz magnet 🤩 pic.twitter.com/usbPI0aSrY
— Elon Musk (@elonmusk) April 1, 2022
A consistent motif in the memery that emerged in response to Musk’s purchase this morning was what the vibe might be in Twitter’s boardroom when the newest shareholder enters.
Elon Musk at Twitter’s next board meeting after buying 9.2% of the company pic.twitter.com/3wx2JxKkZx
— Dr. Parik Patel, BA, CFA, ACCA Esq. (drpatel.eth) (@ParikPatelCFA) April 4, 2022
Elon Musk walking into the twitter boardroom like… 😂 pic.twitter.com/DZePszUP1B
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 4, 2022
Many online commentators also joked and theorized about what might now be possible on the platform, given the change in ownership.
heading to court in hopes that if i answer a series of riddles and beat his chosen champion in single combat, elon musk will free lizard rumsfeld from suspension
— Elizabeth Bruenig (@ebruenig) April 4, 2022
Time to add an edit button? pic.twitter.com/swUFKfAU1y
— Mohamed Enieb (@its_menieb) April 4, 2022
At the moment, Twitter’s biggest shareholders are so-called “institutional investors” — that is, mutual funds or banks that buy shares in companies for others. This means that a lot of Twitter stock is held in retirement accounts or in mutual funds where it is packaged and then sold along with other stocks. Some Twitter stock is owned by employees and founders of the company (Jack Dorsey owns about 2 percent of Twitter). Given how much capital Musk has, it's plausible for him to buy out Twitter entirely. His actions made the stock price jump about 20 percent on Friday. But so far, there are no indications of what his plans might be.
As of the writing of this post, all that Musk has said publicly is this:
Oh hi lol
— Elon Musk (@elonmusk) April 4, 2022
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MCC1701
Things like this I liken to rerolling a D20 when you roll a 2. You can't really predict what the outcome will be, but you have a 90% chance of it ending up better than where you started so might as well be optimistic. Musk could improve the site or drive it into the ground, and I see either as a win.
Tao_Swordsman
Thing is that if Twatter gets driven into the ground, it'll mean that containment of aaaaaall of the toxic idiocy just relocates to somewhere else. And we all know what happened the last time that a 'containment site' drove itself into the ground…
MCC1701
Depends on how it happens. Tumbler occurred because there was a top-down decision to ban porn. Reddit had a similar issue with The Donald but just applied pressure until they left for their own site, and afaik there wasn't much impact to political subs.
Beyond that, the Tumbler/twitter crowd really only thrives in an echo-chamber environment. Most would probably balk at going anywhere else where misgendering isn't a bannable offence, so I'd foresee them just finding another echo-chamber or building their own.
QuasiMadman
The thing is, if they moved from Tumblr to Twitter, they moved to a much higher visibility site.
There isn't much more visible than Twitter so if we roll that aforementioned D20, the chances are the toxic idiocy of Twitter gets driven to a place less visible this time.
Less visible means less effect on the outside world.
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