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Tuesday, April 5, 2022

Elon Musk Becomes Twitter's Largest Shareholder

From the department of it's-becoming-old-news is the story that Elon Musk acquired 9.2% of Twitter.

Twitter is accused of the anti-democracy conduct of blocking free debate (They have blocked me and suspended my account).  Many elitists of Silicon Valley resent the intrusion of 'little people' ito their lives.  Silicon Valliers have tried becoming dictators via their control of modern technologies.  It kind of reminds one of medieval times, with lords and ladies running the serfs' lives.

But in this the story, Tesla CEO Elon Musk opened a new front in his criticism of Silicon Valley tech giants on Monday morning when he disclosed he acquired a 9.2 percent stake in Twitter in mid-March, meaning Musk is now the company’s biggest shareholder (Townhall).

From The New York Times: The purchase, made public on Monday in a regulatory filing with the Securities and Exchange Commission, is worth about $2.89 billion based on the closing price of Twitter’s stock on Friday. News of Mr. Musk’s buy-in sent Twitter share prices soaring (The New York Times).

Musk is clearly motivated—at least in part—by First Amendment free expression. From the Musker's own Tweet on March 26:   "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done? (Twitter)."

This may be a victory for We the People.

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