Editorial: The news this week that Elon Musk plans to agitate for just such a long-neglected asset – an edit button on Twitter – was heartening to anyone who has suffered the agony of a correctable error floating free in the Twitterverse.
The Twitter logo appears above a trading post on the floor of the New York Stock Exchange on Nov. 29, 2021. Elon Musk is taking a 9.2% stake in Twitter by buying approximately 73.5 million shares, according to a regulatory filing.
Musk’s agitation now comes from a position of clout. On Monday, he disclosed that he has purchased 73,486,938 shares in the company, giving him a 9.2% ownership stake and making the Tesla CEO the largest outside shareholder at Twitter. And since Musk has an outsized following as an iconoclastic disrupter, that was enough to send Twitter shares up more than 25%.
There is a growing sense that Americans are moving toward picking their social media channels based on their political allegiance. Former President Donald Trump, who was banned from Twitter, has been trying a launch a rival called Truth Social, although we’re not surprised that the hype has eclipsed the practical details of a product yet to fully launch.
Berenson tweeted this week that he thinks Musk will find a way to get him back on Twitter. He may be right: Musk, known for his libertarian leanings, has suggested there will be “significant” changes.
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