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Elon Musk joins Twitter’s board of directors and promises “major improvements”

Por: 5 de abril de 2022

The acquisition of Twitter’s shares also turned him into the richest man alive, according to Forbes magazine, with a fortune of 219 billion dollars.

Elon Musk was appointed to the Board Committee at Twitter after he bought 9.2% of the company, turning him into the major shareholder of the social media platform and promising “major improvements” in the upcoming months.

It was Parag Agrawal, actual Twitter CEO, who broke the news in his Twitter account and said that the decision of letting Elon into the Board was clear after he showed “he would bring great value” and continue saying that the South African businessman is “a passionate believer and intense critic of the service”.

You might find interesting: Elon Musk buys 9.2% of Twitter, making him the biggest shareholder

I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

— Parag Agrawal (@paraga) April 5, 2022

Just after the news of Elon acquiring a big share of Twitter, the SpaceX and Tesla founder tweeted a poll asking users if they wanted an edit button, a feature that has been asked for years from users and that until now, Twitter hasn’t enabled.

The acquisition made Twitter stocks rise 7.3% on the New York Stock Exchange, which also made Musk beat Jeff Bezos and become the richest man alive, according to Forbes Magazine, with a fortune of 219 billion dollars.

Do you want an edit button?

— Elon Musk (@elonmusk) April 5, 2022

The rules of the acquisition

According to a document submitted to the stock exchange regulator, Musk will not be able to control at any time more than 14.9% of the company, either individually or as part of a group.

The announcement of Musk’s acquisition of a 9.2% stake in the technology platform boosted the company’s stock yesterday, which closed 27.12% higher than its previous close.

The billionaire, who currently owns nearly 73.5 million shares of the messaging company, criticized the social network in several tweets in late March.

On March 25, he proposed a vote among his followers on whether Twitter adhered “rigorously” to the principle of freedom of speech.

Free speech is essential to a functioning democracy.

Do you believe Twitter rigorously adheres to this principle?

— Elon Musk (@elonmusk) March 25, 2022

70.4 % of the more than two million users who took part in the poll said it did not.

“The consequences of this poll will be significant. Please vote carefully,” Musk wrote then before his participation in the social network became known.

A day earlier he had asked, also through the same network, whether Twitter’s algorithm should be open, to which 82.7% of poll participants answered yes.

Half an hour before the opening of the Wall Street Stock Exchange, Twitter’s share price was 20% above its value at the close on Friday.

With information from EFE

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