Elon Musk is Twitter’s biggest share holder
Tesla’s Elon Musk recently said he is giving “serious thought” to build a new social platform. He has now surprised markets by becoming what is estimated to be Twitter’s biggest shareholder.
Musk has taken a 9.2% stake in the company and, despite lack of statements from Musk, the markets reacted dramatically positive and share were up more than 25% when the news broke.
Twitter CEO, Parag Agrawal, in a tweet said the company will appoint Musk to be a member of Twitter´s board of directors.
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon”, Agrawal said.
Musk answered: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months.”
Some commentators see the appointment of Musk to the Twitter board as a way of blocking him from going for a take-over of the company in the near future.
Musk is frequent user of Twitter, often shares memes and has 80.4 million followers. He recently got lots of publicity when he asked Twitter-users to vote if he should sell 10% of the Tesla shares. 3.5 million voted and 58% said yes and Musk sold Tesla shares for approx. USD 5 billion.
However, all his tweets have not been received positively with regulators accusing him of using Twitter to manipulate markets.
At the US Security and Exchange Commission’s website it is now noted that Musk owns 73,5 million share in Twitter.
He is anyway showing that he already has ideas on how to improve the platform:
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
But luckily the team is already ahead of him:
They were already working on it before you took over https://t.co/BKLDMIg77y
— ⎛Arbez⎞ (@Arbl0ck) April 5, 2022
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