Elon Musk updates paperwork on Twitter purchases as employees reportedly raise concerns

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Billionaire Elon Musk has not sold any portion of his newly acquired stake in Twitter, he confirmed on Wednesday, as insiders reportedly express concerns about the future of the platform as Musk, who is a proponent of “free speech” and has a history of spreading misinformation. is now the largest shareholder and board member.

Key facts

In a regulatory filing on Tuesday, Twitter disclosed that Musk owned approximately 73.1 million shares, roughly a 9.1% stake in the company.

The figure was about 400,000 shares for a filing the company filed the day before, stating that Musk had a 9.2% stake, leaving some to question whether the billionaire had already sold the shares.

On Wednesday, Musk confirmed that “no sale occurred”, describing the discrepancy as an error on the first submission.

The new disclosure also marked an update to Musk’s investor status — which has changed from a passive shareholder to a more active board member — at the company, something insiders fear could influence policy on things like content moderation and whether users are banned. banned.

While Twitter has said that neither the board nor shareholders set the company’s rules and policies, employees told Reuters it’s “hard to believe” the board has no influence.

They said Musk, who has previously used Twitter to attack critics and promote misinformation, could weaken efforts to improve Twitter and tackle malicious abuse and content on the platform.

key background

Musk is a prolific user of Twitter and his use of the platform has been marked by controversy. He was indicted by the SEC in 2018 for tweets about Tesla that he believes were false and misleading, something Musk denies. As part of a settlement, many of Musk’s tweets about the company must be vetted by lawyers. He has also been sued (unsuccessfully) by a British cave explorer for defamation after calling him a “pedo man” on the platform. More recently, Musk hinted when building a rival platform and were openly critical of the company, Question whether the company is censoring speech and undermining democracy.

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$219 billion. That’s how much Forbes Musk is worth, making him the richest person in the world. He is estimated to be $68 billion richer than a year ago, calculated on March 11, 2022 stock prices and exchange rates.

Read further

Elon Musk’s arrival sparks fear in some Twitter workers (Reuters)

Twitter’s new CEO gets his first public challenge: Elon Musk (Forbes)

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