The South African born entrepreneur and CEO of Tesla Elon Musk has bought Twitter Inc for $44 billion cash on Monday. Taking over the Blue bird is the change of guards where the platform will be in charge of the world’s richest man alive.
Musk, who calls himself a free speech absolutist, has criticized Twitter’s moderation. He wants Twitter’s algorithm for prioritizing tweets to be public and objects to giving too much power on the service to corporations that advertise, Reuters teported.
In a statement Musk said, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”
“Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he adds.
Before the closing bell at the new york stock exchange, Twitter shares rose 5.7% on Monday to finish at $51.70.
“Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization. I don’t care about the economics at all,” he said.
Read Musk’s full media statement below, he tweeted just after he has taken over the company.