RepublicanRepublican 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.' 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.'
Pro-Trump Rep. Lauren Boebert demanded that Musk use his money invested in the company to push for a reversal of Donald Trump's permanent suspension
The news prompted Twitter's stock to soar by more than 26 per cent in pre-market trade before Wall Street opened on Monday
Twitter's share price has rocketed since Musk's investment on March 14
Passive investment is a strategy for slowly building wealth by long-term ownership of stocks rather than engaging in frequent trading, which is often accompanies by additional fees and can be more volatile. Ives also told CNBC: 'Musk could try to take a more aggressive stance here on Twitter. 'This eventually could lead to some sort of buyout. 'This makes sense given what Musk has at least been talking about, at least from a social media perspective.' The shares are held by the Elon Musk Revocable Trust, of which he is the sole trustee. On the same day as the filing of the SEC document, Musk challenged Vladimir Putin to a fight on Twitter and posted a meme about supporting current trends. The mogul has been raising questions about the ability to communicate freely on Twitter, tweeting last month about free speech and the social media platform.
The mogul has been raising questions about the ability to communicate freely on Twitter, and on March 26 he asked what should be done about Twitter's free speech principles and if a new platform is needed
'Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?' he tweeted. He accompanied it with a poll on March 25, with 70 per cent of two million users responding that the platform does not adhere to free speech. Musk said: 'The consequences of this poll will be important. Please vote carefully.' In a separate tweet, Musk said that he was 'giving serious thought' to creating a new social media platform. Musk was responding to a Twitter user's question on whether he would consider building a social media platform consisting of an open source algorithm and one that would prioritize free speech and where propaganda was minimal.
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