Elon Musk Buys 9.2% Stake In Twitter, Dogecoin Reacts To The News
Tesla and SpaceX CEO, Elon Musk has acquired a 9.2% stake in Twitter. After the announcement, Dogecoin jumped, but has since retraced.
According to a Bloomberg report, the Tesla and SpaceX CEO invested around $2.89 billion into the social media platform early Monday. Musk’s investment makes him the largest shareholder with 9.2% stake in the firm.
On March 25, Musk created a poll to his 80.3 million Twitter followers asking whether or not the social media app championed free speech.
“Free speech is essential to a functioning democracy. Do you believe that Twitter rigorously adheres to this principle?” he asked. “The consequences of this poll will be important. Please vote carefully.”
More than 70% of respondents voted ‘no’.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
In the past Musk has not held back on criticizing Twitter. When the company launched its NFT profile picture feature in January, he argued the move as a misallocation of resources that did not address the platform’s other issues.
Other than posting polls and commentary on how to improve Twitter, Musk has a reputation for his humorous tweets, which often reference cryptocurrencies like Bitcoin, Ethereum, and of course Dogecoin.
Throughout the year 2021, he used his account to post a number of memes related to crypto assets, at time causing ripples in the market. The SEC has long scrutinized his Twitter antics, particularly his posts mentioning Tesla and Dogecoin. Musk is currently contesting a 2018 deal he made with the SEC over what he can say about Tesla, accusing the regulator of misconduct.
As soon as the news on Musk’s investment surfaced, Twitter shares jumped around 25% at press time after making its biggest one-day jump since 2018. Musk’s favorite cryptocurrency, Dogecoin, also rallied around 20%, though it later gave back most of its gains.
