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Twitter's shares jumped more than 25% in price following Monday's news. Musk now controls nearly 73.5 million shares of the company, making him the largest shareholder, and individual stocks were priced at $49.81 on Monday morning.

Musk's purchase comes roughly a week after the billionaire criticized Twitter for a lack of commitment to free speech.

"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk tweeted March 26. "What should be done?"

"Is a new platform needed?" he tweeted later.

Many of Musk's nearly 80 million Twitter followers encouraged him at the time to buy Twitter's platform entirely, or create his own.

"Buy this one!" tweeted Christina Pushaw, press secretary for Republican Florida Gov. Ron DeSantis.

www.foxbusiness.com/business-leaders/elon-musk-purchases-stake-in-twitter-after-slamming-its-approach-to-free-speech