DYNUZ
Tesla CEO Elon Musk will be joining Twitter’s board of directors just one day after becoming the majority shareholder in the company, filings with the Securities and Exchange Commission (SEC) revealed on Tuesday.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Twitter CEO Parag Agrawal said in a tweet Wednesday.
“He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term,” Agrawal added.
Parag Agrawal on X (formerly Twitter): “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board. / X”
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
Shortly after the announcement, Musk hinted at unspecified plans he had in mind to push for change at the company that he has become a prolific and controversial user of over the years.
“Looking forward to working with the Parag & Twitter board to make significant improvements to Twitter in coming months!” Musk wrote on Twitter.
Musk has never been a figure known for his subtlety, particularly when it comes to his Twitter account.
The Tesla CEO has what some refer to as the “Musk effect,” where his tweets can send the market into a buying frenzy, no matter the topic. There have been a handful of instances where Musk’s tweets have rippled immediately across the market, impacting not only Tesla but also boosting the stock of other companies or brands that earn a mention on his feed.
However, Musk has also earned unwanted attention from federal regulators for his tweets.
In 2018, Musk reached an agreement with the SEC that he would seek preclearance from lawyers before tweeting after a posting a tweet where he claimed to have secured enough funding to transition the company back into a privately-owned entity. Musk sparked outrage again in May 2020 when he tweeted that “Tesla’s stock price is too high,” which sent shares tumbling.
In February, Musk sued the SEC to remove the limits on his Twitter activity. The businessman accused the chief financial watchdog of trying to silence him for his outspokenness against President Joe Biden’s policies rather than for any market disruptions created by his tweets.
True to form, Musk, who just weeks before joining Twitter’s board posted a poll questioning its role in facilitating free speech, has already made a fresh splash. On Tuesday, Musk created a poll where he questioned his 80.5 million followers on whether they wanted an Edit button for Twitter.
Twitter’s Agrawal later urged users to be considerate when casting any vote in Musk’s poll.
“The consequences of this poll will be important. Please vote carefully,” said Agrawal in a retweet.
Parag Agrawal on X (formerly Twitter): “The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB / X”
The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB
