The company has informed the US securities regulator that it will join the board of directors as a Class II director. Shares of the platform rose by a quarter after it was revealed that it had bought a 9.2% stake worth almost $ 3 billion, which means that its investment increased immediately more than Twitter has ever recorded in profits. Billionaire businessman and meme poster celebrated the investment by asking users if they wanted an edit button. It is not clear whether the poll was a genuine request for comment on politics or just a joke. Poll choices – “yse” and “on” – were typographical errors for “yes” and “no”. By the time it was published, almost three-quarters of the 2.4 million respondents had voted “YSE”. New Twitter CEO Parag Agrawal quoted the post as saying, “The consequences of this poll will be significant. Vote carefully.” It is not clear if he was serious. The unchanging quality of Twitter posts has been a feature of the platform since its release in 2006, despite repeated requests for change, albeit in silence. Mr Agrawal added of Mr Musk’s appointment to the board: “Through talks with Elon in recent weeks, it has become clear that he will be of great value to our board. “He is also a passionate loyal and strong critic of the service which is exactly what we need on Twitter and in the conference room to make us stronger in the long run. Welcome Elon!” Mr. Musk replied: “I look forward to working with the Parag & Twitter board to make significant improvements to Twitter in the coming months!” The billionaire’s investment followed criticism of Twitter’s approach to free speech, claiming it was seriously considering setting up a new social networking platform. His stake is considered a passive investment, signaling that he has no claims on most of the company – although analysts have warned that it could eventually lead to Musk becoming more involved in running the business. Musk’s use of Twitter has caused him trouble in the past. He is embroiled in a legal battle to free himself from the restrictions of an agreement he made with US regulators in 2018, an agreement that forces him to pre-approve his Tesla tweets by a lawyer to avoid violating the rules on market revelation -sensitive information. The billionaire had signed an agreement with the US Securities and Exchange Commission (SEC) after claiming, in a tweet, that he had secured financing to get the company private at $ 420 (32 325) per share. But the billionaire now claims he was forced to sign the deal, formally known as the Consent Decree, because of “relentless regulatory pressure from the SEC,” according to a court. Musk’s legal team has accused the body of trying to restrict its right to freedom of speech.
