Elon Musk becomes Twitter’s largest Single Shareholder
Elon Musk buys 9.2% of Twitter and becomes the company’s largest shareholder
Twitter said Tuesday in a regulatory filing that it plans to add the CEO of Tesla and SpaceX to its board of directors for a term ending in 2024. As part of the deal, Musk has pledged not to acquire more than 14.9% of the shares. shares of the company while they remain on the board.
On Monday, Twitter said in a filing that Musk had bought 9.2% of his shares. The news came as a bit of a surprise, after Musk had repeatedly criticized the company’s policies on Twitter in recent weeks and pondered the need to create a new social media platform.
“Excited to share that we are appointing @elonmusk to our council!” Twitter CEO Parag Agrawal said in a tweet on Tuesday. “Through conversations with Elon over the past few weeks, it became clear to us that he would bring great value to our board.”
Agrawal said Musk is both a “passionate believer” and an “intense critic” of the company, and that he believed Musk’s presence in the boardroom would add long-term value. Jack Dorsey, co-founder and former CEO of Twitter, also seemed to welcome the news, noting that Musk “cares deeply about our world and Twitter’s role in it,” and that Musk and Agrawal “will be an amazing team.”
Musk tweeted that he is “looking forward to working with Parag and the Twitter Board of Directors to make significant improvements to Twitter in the coming months.” It’s not entirely clear what improvements Musk has in mind. In recent weeks, Musk suggested on Twitter that the platform doesn’t allow free enough expression, saying he should make his algorithm open source. On Monday night, he also polled his followers on whether they “wanted an edit button,” a feature request that has been in the air for a long time, though it divides many Twitter users.
Twitter has already informed about the feature
Information about this feature has also been given from Twitter’s official account on April 1. In which it was said that Twitter is working on the edit button.
What is the benefit of edit feature?
Almost every user will get the benefit of this feature. Till now, if there is any mistake in a tweet, then there is no option to correct it. Right now only the option is available to delete the tweet. Many times it happens that over time many things or information gets updated, but in Twitter you do not get a chance to edit or update anything. With the introduction of this edit feature, now anyone will be able to edit their old tweet according to their need. Will be able to correct his mistakes, add new information.
Twitter stocks rise
After surging more than 27% Monday on news of Musk’s share purchase, shares of Twitter gained another 5% on Tuesday morning. Twitter became an important part of Musk’s personal brand. He has used the site to connect with his legions of fans and weigh in on everything from Tesla’s stock price to current events.
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