Elon Musk has taken a 9.2% stake in Twitter

Elon Musk has taken a 9.2% stake in social media giant Twitter, according to an SEC filing, as of March 14.

Twitter’s share price has shot up from $39.31 to $49.06 — up 25% — in pre-market trading on the news.

This comes after Musk held discussions on Twitter about its algorithms and whether they should be open source. On March 24, he wrote, “I’m worried about de facto bias in “the Twitter algorithm” having a major effect on public discourse.” He then tweeted a poll asking whether Twitter’s algorithm should be open source.

At the time, former Twitter CEO Jack Dorsey replied, “The choice of which algorithm to use (or not) should be open to everyone.”

Musk has also had concerns about whether Twitter is maintaining free speech on its platform. He asked if a new platform was needed. When another Twitter user asked he was considering building a new social media platform that would consist of an open-source algorithm and promote free speech, Musk replied that he was giving it serious thought.

Musk has also criticized Twitter’s use of spending engineering resources on integrating NFTs as opposed to fixing other issues on its platform. “Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?” he wrote, after it added NFT profile pictures.

He has also been critical of social media in general. In 2020, he tweeted, “Social media is a limbic amplifier, which inherently destabilizes civilization.

For more breaking stories like this, make sure to subscribe to The Block on Telegram.

Trending Stories