Politics

Republicans Praise Elon Musk For ‘Stepping Up’ To Buy Stake In Twitter

By

witter CEO Parag Agrawal appeared to endorse a poll shared to the platform by Elon Musk asking if the company should finally implement an edit button – a statement that comes just hours after the Tesla leader acquired a 9.2% stake in the social media giant.

‘The consequences of this poll will be important,’ Agrawal tweeted. ‘Please vote carefully.’

Musk’s original tweet asked ‘Do you want an edit button?’ It’s a project that eagle-eyed users noted was already in the works by the social media giant.

Agrawal’s post even mirrored the language of another tweet Musk posted days after acquiring his large stake in the company – but before news of the purchase had been made public.

Twitter did not respond to a request for comment from DailyMail.com about Agrawal’s statement.

The March 14 acquisition, disclosed Monday in a Securities and Exchange Commission filing, makes Musk Twitter’s largest shareholder – but it’s unclear how much power the minority stake will give the Tesla CEO over Twitter’s day-to-day decision making.

He has criticized the platform in the past for stifling free speech – and been admonished for his own Twitter posts by regulators.

Minority stake or not, some experts expect Musk to use his block of shares to influence the company towards a open model with fewer content moderation measures.

“Specifically, Musk could seek to influence the openness of the platform and how it controls content or push to invest in the subscription model more aggressively,” Ali Mogharabi, an analyst for financial services firm Morningstar, said in an investors note on Monday.

Elon Musk’s decision to snap up the large stake in his favorite social media platform is already paying off after Twitter’s share price soared more than 27% on the news Monday – making the already ultra-wealthy Musk an additional 1.2 billion, according to Bloomberg.

Sponsored Links

Republican lawmakers are already praising Musk for for protecting ‘free speech’ following the news.

Rep. Lance Gooden (R-Texas), who co-founded the Freedom From Big Tech Caucus, lauded Musk but said his purchase was a warning about the social media giant’s ‘power.’

‘The fact that the world’s richest man chose to outright buy Twitter rather than develop a new platform shows Twitter’s monopoly power,’ Gooden told DailyMail.com.

‘I’m glad Elon Musk is stepping up to protect free speech, but Congress must act to put the rest of big tech in their place.’

Sponsored Links

Numerous GOP lawmakers have accused Twitter of ‘censorship’ including ‘shadow banning,’ which supposedly restricts a user’s reach without their knowledge or appearing to do so.

Republican Study Committee Chair Rep. Jim Banks (R-Ind.) posted on Monday, ‘If [Elon Musk] can clean up Twitter and stop online censorship, I’m all for him taking over the whole damn thing.’

Anger at the platform spilled over when it permanently suspended Donald Trump’s account early last year following the January 6 attack on the US Capitol. Some Republicans now hope Musk will have enough sway to get the ex-president back on.

‘Now that [Elon Musk] is Twitter’s largest shareholder, it’s time to lift the political censorship. Oh… and BRING BACK TRUMP!’ outspoken pro-Trump Rep. Lauren Boebert (R-Colo.) wrote on the site.

Former Trump Treasury Department official Monica Crowley said, ‘He should demand the end of political censorship, company-wide reform, and the reinstatement of President Trump.’

Musk, who has described himself as a political moderate, has butted heads with the Biden administration in the past and has not shied away from criticizing — and even mocking — President Joe Biden.

White House Press Secretary Jen Psaki was asked during her Monday press briefing if the billionaire’s history with Biden would force the administration to recalibrate its digital strategy, which has so far relied heavily on Twitter.

‘I expect we will continue to use Twitter, as you all will as well, I would expect,’ Psaki answered while declining to comment on Musk’s ownership specifically.

The world’s richest man worth an estimated $273billion bought nearly 73.5 million shares, a document filed with the US Securities and Exchange Commission shows.

It means the Tesla co-founder has more than quadruple the shares of Twitter’s founder Jack Dorsey, who owns 2.25 percent.

His passive stake in the company is valued at up to $2.9billion based on the stock’s Friday close, and the estimated cost of the deal was $2.4billion, according to the stock price on March 14 when he bought the shares.

The news prompted Twitter’s stock to soar by more than 26 percent in pre-market trade before Wall Street opened on Monday, meaning his shares are now worth around $3.6billion, earning him an interested $1.2billion in three weeks.

Shares of other so… (Read more)

Comments are closed.