Ilona Maska’s investment in Twitter comes after he said he was considering creating a new social networking platform.

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Elon Musk asked Twitter users if they wanted an edit button added to the platform – hours after the company’s passive stake of 9.2%, making it the largest shareholder.

Shares of Twitter rose more than 4% on the Nasdaq stock exchange during pre-market trading on Tuesday morning. It rose 1.04% at 6:41 a.m. ET and traded around $ 51 a share. The rise follows Twitter’s best trading day since its IPO in 2013, with shares rising more than 27% on Monday.

“Do you want an edit button?” Musk tweeted late Monday.

At the time of writing, the poll received 2,333,856 votes, of which about 73.6% voted in favor and 26.4% voted in favor.

Twitter CEO Parag Agraval retweeted Mask and urged people to “vote carefully” as the consequences “will be important”.

On April 1, or Laughter Day, Twitter posted a message through its official account that it was working on an “edit” button. When asked by the company if it was a joke, she said: “We can’t confirm or deny, but we can edit our statement later.”

While the edit button will allow Twitter users to correct grammatical errors, there are concerns that it will also allow them to edit the meaning of a tweet, which can be problematic if that tweet went viral and had millions of impressions.

In response, Meta CTO Andrew Bosworth claimed that he and his team solved the problem on Facebook “a long time ago” by including an indicator that it had been edited along with the change log.

Mask’s investment in Twitter comes after he said he was considering creating a new social networking platform. The CEO of Tesla doesn’t like that his tweets are being reviewed by regulators such as the U.S. Securities and Exchange Commission.

“Given that Twitter is a de facto public city square, non-compliance with the principles of freedom of speech fundamentally undermines democracy,” Musk tweeted on March 26. “What to do?”

Musk was summoned to the SEC in November after he asked his followers on Twitter if he should sell 10% of his shares in Tesla, which led to a drop in shares.

Bilal Hafiz, CEO of financial market research company Macro Hive, told CNBC’s Street Signs Europe on Tuesday that Musk had had problems with Twitter for some time, adding that he was unhappy with the firm’s approach to free speech and product development.


“It seems that Elon really cares about the direction of Twitter,” Hafiz said. “The question is to what extent he will be active in terms of further direction of the campaign.”

Hafiz added that Musk could try to attract an outsider to run Twitter. Agraval previously held the position of CEO.

“More fundamentally, there is the issue of Twitter’s revenue growth model,” Hafiz said. “It does have aggressive goals for its daily active users, but is unlikely to be achieved. Revenue growth, although it increased during the pandemic, was not as great as many other platforms over the same period of time.”


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