Elon Musk is Disrupting Social Media

Elon Musk, the world’s richest man, is now Twitter’s largest shareholder after he acquired 9.2% of the platform.

• Elon Musk has taken a 9.2% stake in Twitter, making him the largest shareholder of the platform. The news comes just days after Musk announced he was contemplating creating his own social network.
• Following the news, Twitter shares soared by more than 27% on Monday. Musk reportedly put down $3bn, which bought him a staggering 73,486,938 shares in the social media platform.
• Other social media companies were also impacted by the move; Pinterest, Snapchat and Meta all saw a rise in value. However, Trump’s social media SPAC, Digital World Acquisition, fell by 10%.
• He had acquired the shares in Twitter on March 14th, prior to his viral tweet which sent the mediasphere into a heated debate over whether Musk would create his own platform.
• Musk has been described as a “free speech absolutist” until it comes to silencing his own critics. Reports of Tesla employees being fired after speaking out against company issues are not isolated.
• Musk, the world’s richest man, now ultimately can control one of the largest social media networks. Yet, even with all that power, he allegedly still couldn’t get into Berghain at the weekend.