TWTR stock surged more than 27% on Monday after Elon Musk took a 9.2% stake in the social media giant.
The news comes after the SpaceX CEO published a poll on Twitter asking the world if they thought Twitter adheres to the principle of free speech.
29.6% of participants said yes while 70.40% said no.
He then stated, “the consequences of this poll will be important. Please vote carefully.”
Welcome to Franknez.com – if you haven’t joined the newsletter, be sure to do that below. I’m publishing market news and updates daily.
Let’s dive right into it!
Join the newsletter to become part of an activist group fighting for market transparency!
Receive weekly market news to stay up to date.
Elon Musk beats Vanguard as the largest holder
Twitter stock rose more than 27% on Monday after the Elon Musk Twitter news began circulating the platform.
The stock jumped up as high as $50 per share.
Elon Musk now has the number one spot in the top ownership list of TWTR stock.
And clearly the power to move markets.
This Schedule 13G filing shows Elon purchased more than 73.4 million shares of Twitter, putting him on top of Vanguard, Morgan Stanley, and BlackRock.
Elon Musk’s stake in Twitter is worth roughly $2.89 billion, based on Friday’s market close.
Elon has been very outspoken about short selling in the market, the incompetency of the SEC, and on social media censorship.
It comes as no surprised that he’s taken it upon himself to essentially buy Twitter to have some sort of leverage on how the platform is used.
I don’t think there could have been anyone better on this planet to have this much ownership of the social media giant.
I’m curious to know what you think.
The issue with social media censorship
This could be an entire article on its own but I’m briefly going to touch on it.
Censorship on social media has taken away the user’s freedom of speech.
The ‘ape’ community got #KenGriffinLied trending before Twitter censored it to only ‘Ken Griffin’ is trending.
This is just one example of how Twitter has censored a real concern for retail investors in the past.
Other examples of social media censorship have occurred on Facebook when more real-world injustices have been exposed.
The Guardian’s ‘Pandora Papers’ was published on Facebook and removed from the social media giant that same day.
That same day I published an article on Bank of America shorting AMC Entertainment stock, which was removed that day Facebook shut down for hours.
Both these articles were going viral until Facebook shut everyone down from using the platform and removed the content.
Elon Musk is one of the biggest personalities on Twitter and is an advocate for freedom of speech on social media.
What do you think will happen as one of the richest and most influential men on earth holds the biggest stake in Twitter?
Leave a comment below.