Elon Musk Buys 9% Stake of Twitter To Defend Free Speech

Tesla CEO Elon Musk bought about 9.2 percent of Twitter today, according to a regulatory filing Monday that detailed his stock purchases.

The revelation comes amid Musk's criticism of the social media giant for excessive moderation efforts. In recent years, Twitter has limited freedom of speech, banning everything from so-called "harassment" to misinformation and conspiracy theories.

News of Musk’s move sparked some hope among conservatives who have been critical of Twitter's enforcement of its rules and its ban on former President Donald Trump.

“We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter,” Dan Ives of WedBush Securities wrote in a client note early Monday.

Musk's first tweet today about the buy was short and simple, writing: "Oh hi lol"

Last month, Musk's criticism of Twitter — happening almost exclusively on Twitter — began mounting. In late March, he tweeted a poll asking people if they thought Twitter "rigorously adheres" to free speech principles. About 70 percent of the more than 2 million votes tallied said "No."