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Billionaire and business magnate Elon Musk has announced he will now vote for the Republican Party instead of the Democratic Party.

“In the past I voted Democrat, because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them and will vote Republican. Now, watch their dirty tricks campaign against me unfold,” tweeted Mr Musk on Wednesday.

Mr Musk has also put his 44 billion USD purchase of social media giant Twitter on hold until he can verify the company’s claim that bots or fake accounts make up less than 5 per cent of users.

The pause caused the Twitter stock to drop by as much as 20 per cent, or 36.10 USD per share, a sharp fall from the 38 per cent stock increase that happened when he revealed his proposed purchase of the company.

“Still committed to acquisition,” the Tesla founder added in a follow-up tweet.

Mr Musk, who said he aims to restore free speech to Twitter, also said on May 10 that he wants to reverse the January 2021 Twitter ban on Donald Trump’s Twitter account, calling the ban morally wrong and flat-out stupid.