The one who is already CEO of Tesla and SpaceXgo home Twitter† The billionaire entrepreneur Elon Musk joined the social network’s board of directors on Tuesday, a day after the announcement an interest of 9.2% in the capital of the group, and immediately became Twitter’s largest shareholder. His term should last until the 2024 general meeting. Elon Musk, who is also the richest man in the world, has promised not to increase his participation beyond 14.9%. This means that a takeover is out of the question, in any case within two years.
For the general manager of the social network, Parag Agrawal, “It became clear to us that he would bring significant added value to our board of directors. “I look forward to working with Parag and the Twitter Board to make significant improvements (…) in the coming months! Elon Musk tweeted.
Twitter share up 33% in the stock market
Elon Musk, an active user of the social network, has repeatedly criticized the platform, including saying that it went too far in moderating content posted to the social network and restricting free speech. In the first exchanges after the opening of the New York Stock Exchange, the title Twitter rose by 7.60%. At around 3pm GMT, the title gained Twitter 4.74%. It is up nearly 33% since Friday.
“Musk is a true visionary who can bring valuable input and ideas to support new initiatives,” CFRA’s Angelo Zino responded in a note, recalling that Twitter “has worse results than its competitors.” † The goal is to make more money with the platform He continued, and we believe Musk can only help, not disrupt this process. †
A way to expand its brands and bring Trump back?
However, for Hargreaves Lansdown analyst Susannah Streeter, these developments may “cause nervousness about Mr. Musk being given too much leverage over running Twitter, intent on expanding his brand and that of his companies,” Tesla and SpaceX .
The announcement of Elon Musk’s joining the board of directors caused Twitter to bubble up, some welcoming it, others fearing for the future of the platform. On Monday, Republican-elected to the US House of Representatives Lauren Boebert urged Elon Musk to “lift the political censorship”, which she says weighs on the social network, and “Bring Donald Trump Back”†