On Monday, Twitter reported in a statement that Musk had bought 9.2% of his shares. The news came as a bit of a surprise, as Musk had tweeted several times in recent weeks criticizing the company’s policies and wondering if a new social networking platform was needed. “I’m excited to share the appointment of @elonmusk to our board!” Twitter CEO Parag Agrawal tweeted on Tuesday. “Through conversations with Elon in recent weeks, it has become clear to us that he would give great value to our board.” Jack Dorsey, co-founder and former CEO of Twitter, also seemed to welcome the news, noting that Musk was “deeply interested in our world and Twitter’s role in it.” that Musk and Agrawal “will be an incredible team.” Musk wrote on Twitter that he is looking forward to working with the Parag & Twitter board to make significant improvements to Twitter in the coming months! In recent weeks, Musk has suggested on Twitter that the platform does not allow enough free speech and said he should make his algorithm open. On Monday night, he also polled his followers on whether they “want an edit button,” a long-standing, if divisive, request from many Twitter users. Following a rise of more than 27% on Monday with the news of the purchase of Musk shares, Twitter shares gained another 5% on Tuesday morning. Twitter has become an important part of Musk’s personal name. He has used the site to connect with legions of fans and give his opinion on everything from Tesla’s share price to current events. However, his presence on the platform also led him to hot water, even when tweets about the possible privatization of Tesla led to a lawsuit by the Hellenic Capital Market Commission and a settlement that required him to consider some tweets about the company. Musk’s presence on the board could be a turning point in Agrawal’s plans for the company, who has been Twitter CEO for less than six months. “It’s time to dump her and move on to the next few months with Musk on the board,” Wedbush analyst Dan Ives told investors on Tuesday. He added that Musk’s inclusion on the board could “lead to a number of strategic initiatives that could include a number of short-term and long-term out-of-gate opportunities for the company that is still competing in a social media armaments race”. . Twitter spokesman Adrian Zamora noted on Tuesday that even while on the board, Musk would still be subject to his rules and Community directives and would have no direct role in setting his policies. “Twitter is committed to impartiality in developing and enforcing its policies and rules,” Zamora told CNN Business in a statement. “Our policy decisions are not determined by the board or shareholders. As always, our board plays an important advisory and feedback role throughout our service. Our day-to-day operations and decisions are made by management and Twitter employees. “
