Elon Musk Acquires 9.2% Stake in Twitter

Yesterday, the news of Twitter taking the next step with integrating Ethereum NFTs on the platform was circling the internet. And today, Elon Musk revealed that he had acquired a 9.2% stake in Twitter. Since then, the share price of Twitter rose from $39.31 to $49.06 in pre-market trading. 

According to an SEC filing, the Tesla founder got the stake on March 14, soon after he said that the social media platform is “failing to adhere to free speech principles.” He also talked about its algorithms and if it should be open source. He also posted a poll for the latter. He expressed his concerns about the de facto bias present in Twitter’s algorithm and its effect on public discourse. To this, Jack Dorsey, CEO of Twitter replied that everyone should be provided the opportunity to choose which algorithm to use or not. 

Musk also talked about the expenditure on engineering sources by Twitter to integrate NFTs. He thinks that the platform should focus on fixing other issues first. He said, “Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?”

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!