Elon Musk will join Twitter‘s board of directors just one day after it was revealed that he had purchased a 9% stake in the company, making him the largest shareholder in the social media platform.
“I’m thrilled to announce that @elonmusk has been appointed to our board of directors!” On Tuesday, Twitter CEO Parag Agrawal sent out a tweet. “It became clear to us in recent conversations with Elon that he would add tremendous value to our Board.”
“He’s both a passionate believer and an intense critic of the service,” Agrawal continued, “which is exactly what we need on Twitter and in the boardroom to make us stronger in the long run. Elon, welcome!”
“I’m looking forward to working with Parag and the Twitter board in the coming months to make significant improvements to Twitter!” In response to Agrawal, Musk said.
Elon Musk was also welcomed to the board of directors by former Twitter CEO Jack Dorsey. “I’m overjoyed that Elon has decided to join the Twitter board! He is deeply concerned about the state of our world and Twitter’s role in it. Both Parag and Elon lead with their hearts, and they’ll make an amazing team “In a tweet, he stated.
The Tesla and SpaceX CEO bought a 9.2 percent stake in Twitter on Monday, making him the company’s largest shareholder. Many people were surprised by the move, as Musk had just complained about free speech on the platform in a tweet last week.
Tesla’s CEO uses Twitter to communicate with his 80 million followers on a regular basis, which can get him in trouble. Following a series of impromptu tweets about taking Tesla private in 2018, US securities regulators appointed a Twitter babysitter for Musk, who is responsible for reviewing everything the CEO tweets about his company.
Musk is expected to press Twitter on issues of free speech, a subject about which he has spoken out. Several social media platforms, including Twitter, are attempting to strike a balance between free speech and the censorship of content deemed hateful, harmful, or false.
He was even seen asking Twitter users if he should start a new social media platform where people could share their thoughts. That’s when the majority of Twitter users suggested Musk buy the company, and now he’s the company’s largest shareholder.
Musk’s Twitter stake is classified as a passive investment, implying that he is a long-term investor who wants to keep his buying and selling to a minimum. However, Musk has raised concerns about the ability to freely communicate on Twitter, tweeting about free speech and the social media platform last month, and industry analysts were skeptical of the mercurial CEO remaining on the sidelines anywhere. Since Musk announced that he has purchased a stake in Twitter, the stock has risen 35%, bringing Musk’s net worth to $980 million.
With Musk on board, it’s possible that we’ll finally get the long-awaited Edit button on Twitter, which former CEO Jack Dorsey was adamantly opposed to. Musk polled Twitter users about creating an Edit button on the same day he bought into the company.
