Twitter’s 9.2% Stake Is Owned By Elon Musk! Will The Edit Feature For Tweets Become A Reality Now?
The news of this purchase hit the market a few days ago, Musk said that he was “giving serious thought” to building a new social media platform.
How Does This Affect?
Basically,he has purchased a 9.2 percent stake in the company.
The stake is worth nearly $3 billion, making Musk the biggest shareholder in the company.
The other stakeholder include 8.8 per cent stake held by the Vanguard Group, 8.4 per cent held by Morgan Stanley, and 2.2 per cent stake held by Twitter co-founder Jack Dorsey.
Changes In Horizon
This move of having a board seat will provide him the freedom to propose tweaks and changes to the microblogging site.
To start with, nearly 10 days after he had already acquired the stake, Musk first tweeted a poll asking his followers if Twitter rigorously adhered to the principles of free speech on March 25.
According to Musk, this was essential to a functioning democracy.
He further hinted that people should “vote carefully” as the “consequences of the poll” could be important.
In response when more than 70 percent of the voters said that they did not believe that Twitter was rigorously implementing the principles of free speech, again on March 26, Musk posted a tweet asking for a solution as Twitter, which “serves as the de-facto public town square”, had failed to adhere to free speech principles which in turn undermined democracy.
Besides this, he also asked his followers if a new platform was needed in a subsequent tweet.
Further, Musk asked if the microblogging site should have an edit button, On Tuesday.
An Image Boost For Twitter
This change came at a time when Twitter’s annual revenue as of December 2021 stood at $5 billion and has targeted achieving $7.5 million in revenue by 2023.
Musk, one of the richest persons in the world formally being appointed on board as the largest shareholder, would definitely provide the financial muscle to compete with other peers like facebook and instagram.
As we know that Twitter has expanded into newer products such as audio tweets and spaces.
The funds generated from this stake buy will further help the platform to expand and improve the quality of these services.
This move will also give an image boost for the platform as the platform has been criticised by users and governments alike of suppressing free speech and being biased towards tweets and content with Left-leaning ideologies.