Social Media

Twitter’s New Shareholder Elon Musk

Twitter CEO Parag Agrawal says it will bring “great value” for Elon Musk to the social network’s board.

It has been announced that Tesla and SpaceX CEO Elon Musk will be appointed to the board of directors after purchasing 9.2 percent “passive shares” on Twitter .


Twitter CEO Parag Agrawal said on Twitter Tuesday , “He’s both a passionate supporter and an intense critic of the service at @Twitter and across the board, which is exactly what we need to be stronger in the long run. Welcome Elon!” said.

According to the legal regulation made to the Securities and Exchange Commission, Elon Musk will serve on the board of directors for two years and will not be able to own more than 14.9% of the company’s shares in this process.

Parag Agrawal tweeted last week that Elon Musk would bring “great value” to the board. 

Elon Musk’s test with social media

Elon Musk became the social network’s largest shareholder by purchasing a 9.2% stake in the social media site in March. According to The Wall Street Journal, Twitter ‘s co-founder and former CEO Jack Dorsey, who also sits on the social network’s board, owns a 2.3% stake in the company. Twitter ‘s share value rose more than 27% to close at $49.97 on Monday following the announcement of Elon Musk ‘s stock.

Although Elon Musk is one of the most productive users of Twitter , he also criticizes this social platform. On Tuesday, he surveyed his 80.5 million followers asking if they wanted an edit button that was long wanted and never materialized. Parag Agrawal retweeted the poll, emphasizing that the results of the poll are important and that it should be voted on carefully.

Elon Musk , the richest person in the world , sparked controversy after his use of Twitter and got him in legal trouble. He told his 22 million Twitter followers in 2018 that he was ready to take Tesla private. The SEC sued Musk for making “false and misleading” statements to investors. In September 2018, a settlement was reached in which Musk and Tesla paid $20 million each, and that some of their posts on social media included SEC surveillance.


On Monday, Musk’s Twitter shares were worth roughly $2.9 billion. On Tuesday, Musk ranked #1 on Forbes’ annual World Billionaires List, with a net worth of $219 billion. Elon Musk dismissed Amazon founder Jeff Bezos, who fell to number 2 after spending four years as the world’s richest person on Forbes’ list.


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