The world’s richest person, Elon Musk, is now the proud new owner of 9.2% of Twitter’s stock — worth approximately $3 billion — making him the company’s largest shareholder.
Musk has been questioning Twitter’s commitment to free speech and giving serious thought to creating a new social media platform.
He opened a poll asking Twitter users if they want an edit button, a long-awaited feature that the social media network has been developing. Chief Executive Parag Agrawal responded by imploring users to “vote carefully.”
More than 1.2 million people voted in less than three hours, with over 75% of them supporting an edit option.
Musk asked whether Twitter’s algorithm should be open source in another poll last week. A resounding 82% answered yes.
Twitter’s former CEO Jack Dorsey said, “the choice of which algorithm to use (or not) should be open to everyone.”
Musk has been a major critic of Twitter and its restrictive policies, and over 70% of users agreed that Twitter does not uphold free speech.
Musk holds 73.5 million Twitter shares through the Elon Musk Revocable Trust, of which he is the only trustee, reported a regulatory filing made on Monday. According to Refinitiv statistics, Vanguard is the second-largest shareholder in Twitter, with an 8.79% holding.
Managing member at Great Hill Capital LLC Thomas Hayes said, “It does send a message to Twitter … having a meaningful stake in the company will keep them on their toes, because that passive stake could very quickly become an active stake.”
Editor’s Note: Elon Musk has since been named to Twitter’s board of directors. This has resulted in the voluntary resignation of employees who are concerned about the platform’s moderation policies.