Twitter lights up as commenters react to the news that Tesla CEO Elon Musk owns 9.2% stake in the social media platform.
This was not a day for holding back your feelings.
Twitter (TWTR) – Get Twitter, Inc. Report was heating up Monday as users reacted to the news that Tesla (TSLA) – Get Tesla Inc Report CEO Elon Musk owns a 9.2% stake in the micro-blogging website.
‘Time to Delete My Profile’
The stake could be a precursor to a full-blow takeover bid, according to Wedbush analyst Dan Ives.
“We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake; more aggressive ownership role of Twitter,” Ives tweeted.
One person posted a photo of the Sesame Street character Big Bird with the caption “Elon at the next Twitter board meeting.”
The news, which came days after Musk criticized the company, sent Twitter shares soaring and sparked a torrent of tweets.
“Time to delete my profile, if he buys more,” one person tweeted.
“Good news for the future of free speech,” another said.
Musk has 80.1 million followers on his Twitter account, which he established in June of 2009, marking him as one of the site’s most-viewed commentators.
Late last year, Twitter founder Jack Dorsey stepped down as CEO to make way for former CTO Parag Agrawal.
“What Elon doesn’t understand is Twitter is powerful because of its users,” one person commented. “It didn’t become less powerful because Trump and all the other haters were kicked off. It became more powerful. If he allows them back, we will find another platform, hopefully led by @jack.”
‘Well Done, Mr. Musk’
“Elon Musk is becoming the leader this generation so (desperately) needs,” another tweet said. “Well Done Mr Musk..I hope you follow through with your desire to give back this country its’ 1st Amendment rights.”
One person said that “Musk spent 3 billion on Twitter shares because he thinks Twitter doesn’t uphold the right to free speech.”
“10.5% of American households (or 13.8 million people) were food insecure at some point in 2020,” he added. “Stop celebrating this man.”
“Elon Musk is going to make Twitter great again!” another tweet declared.
Musk has made no secret of his displeasure with Twitter’s rules, saying that he was giving “serious thought” to starting his own social media company.
He tweeted late last month that “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?” he asked.
In another tweet, Musk stated “free speech is essential to a functioning democracy” and asked “Do you believe Twitter rigorously adheres to this principle?”
‘Please Buy Twitter
“The consequences of this poll will be important,” he said. “Please vote carefully.”
The results? More than 70% of the respondents answered “No.”
“Please buy Twitter,” one person said.
Social media companies have long been criticized for increasing polarization, extremist rhetoric, echo chambers, misinformation and online radicalization through their algorithms.
They’ve also come under routine political attacks from Republicans claiming they are biased. In 2018, Twitter came under congressional scrutiny over alleged bias in the United States.
Former President Donald Trump, who repeatedly complained about bias, was eventually kicked off Twitter in the wake of the Jan. 6 insurrection, “due to the risk of further incitement to violence.”
He has attempted to set up a rival social media platform, Truth Social, that closely mimics Twitter.
The platform has had difficulties, however, including a waiting list of nearly 1.5 million who are unable to use it.
Reuters reported that two key tech executives have quit the platform.
