Twitter shares surged up after serial entrepreneur and CEO of Tesla, Elon Musk, spent a whopping sum of over $2.89 billion to purchase a 9.2% share in Twitter. Also, the news sparked a jump by over 10% in Dogecoin’s trading price as the DOGE community reacted to the report.
Elon Musk Invests In Twitter
Billionaire and SpaceX creator Elon Musk has sent Twitter shares up the roof on Monday after he reportedly purchased a significant stake in the business. As stated by a filing with SEC (Securities and Exchange Commission) dated 14th of March 2022, Musk apparently bought roughly 9.2 % of the firm’s stocks.
According to Bloomberg’s report, the purchase cost the Dogecoin Supporter around $2.89 billion and made Musk the single biggest shareholder on Twitter. This is higher compared to the 2% share owned by Jack Dorsey, former Twitter Boss.
Elon Musk’s large purchase comes on the heels of his previous statements questioning the company’s censorship and the problem of free expression on social networking sites. On the 24th of March, Musk raised reservations concerning a “de facto bias” in the algorithm used by Twitter and the major consequences it may have on public conversation.
Given that Twitter functions as a de facto platform of the online community, failure to keep to freedom of speech rules significantly weakens democracy.
The SpaceX CEO accompanied his worries with an online survey. The survey underlined the significance of free expression and questioned people whether Twitter has effectively promoted the idea. Musk also recommended that this algorithm should embrace a decentralized format.
Responding to Elon’s opinions on the company’s algorithm, former CEO Jack Dorsey remarked that consumers must have a say in the issue.
Elon Musk’s Tumultuous History With Twitter
Several times, Musk has expressed dissatisfaction with Twitter’s functioning. The Billionaire cryptocurrency advocate earlier criticized the network’s NFT profile image function.
In a statement, Elon described the feature as a waste of technical resources and advised the networking site to use its efforts to combat spammy material from fraudsters.
Following the news of Elon Musk’s investment, the price of DOGE shot up by over 10%, from about $0.1431 to above $0.1561 a few minutes after the announcement of Musk’s involvement in the company broke around 10:30 UTC. This is ray of sunshine in the community after several investors left the meme coin. Currently, the cryptocurrency is trading at $0.1515, an increase of 4.49% in the past 24 hours.