A post from Twitter CEO Parag Agrawal today announced the change.
Tesla CEO Elon Musk has joined Twitter’s board of directors, according to CEO Parag Agrawal. Following a $3 billion investment in the firm, he has decided to sell his stake.
Tesla CEO Elon Musk will “add enormous value” to the board of directors, Agrawal announced through Twitter – of all places.
Please join me in welcoming @elonmusk to our board of directors! There is no doubt in our minds that Elon would be an excellent addition to our Board of Directors.
Twitter shares was purchased for $2.9 billion by CEO Elon Musk in a transaction that was verified by the company yesterday. Analysts predicted tremendous things in the wake of the purchase. Musk has now been added to the Twitter board, just 24 hours after he was first announced. Reports from the AP stated that Dan Ives of Wedbush Securities had already predicted something similar to happen yesterday.
In a client note, Wedbush Securities analyst Dan Ives said he expects this “passive stake” to be only the beginning of a bigger engagement with the Twitter board and management that might lead to a more active investment and a more aggressive ownership role for Twitter.
What will this imply for one of the world’s most popular social networks? We can’t say for sure now, but given Musk’s vociferous criticisms about the way Twitter handles free speech, we can expect him to put pressure on them—rightly or unjustly.
Musk has previously hinted that he plans to assist Twitter make “upgrades,” but we’ll have to wait and see what those improvements are.
The company’s iPhone, iPad, and Mac apps stand to benefit from these changes. The official Twitter client for Mac might use some improvement. It’s far from the finest way to read tweets on a Mac.