This past Tuesday, Parag Agrawal, the CEO of Twitter, issued an announcement that there would be a new member on its board of directors. The social media titan is going to be appointing tech billionaire Elon Musk to a new seat on the board of directors. This announcement crops up just a single day after it was unveiled that Musk went and purchased a whopping 9.2% stake in Twitter which resulted in him becoming the largest shareholder in the entire company with a single purchase.
“I’m excited to share that we’re appointing @elonmusk to our board!” announced Agrawal in a tweet. “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
“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. Welcome Elon!” he stated.
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. Welcome Elon!
— Parag Agrawal (@paraga) April 5, 2022
Musk issued a response quite quickly, indicating that he plans to accept this new position. “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” he responded.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
In the wake of Musk’s stock purchase this past Monday, Musk now sports over four times the total number of shares of Twitter as Jack Dorsey, the founder of the platform, who sports a whopping 2.25%.
As reported by the Daily Wire, Musk put out hints multiple times in the past about taking steps to create a new platform that is far more open to the idea of diversity of thought:
The move comes after Musk teased a shakeup at Twitter, or possible plans to build a new social media platform that promotes free speech.
Last month, Musk asked his followers to vote in a poll about free speech and Twitter’s adherence to it, emphasizing that the “consequences of this poll will be important.”
“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” the 50-year-old asked. “The consequences of this poll will be important. Please vote carefully.”
Dan Ives, an expert tech analyst, previously, and correctly, predicted on Monday that Musk’s move to own a large piece of Twitter is “just the appetizer” of his plans to be unvieled.
“This is just a starter … Musk is not gonna do this just to take a passive stake,” Ives stated while on Squawk Box by CNBC. “He’s gonna ultimately try to either really change Twitter in terms of a more active stake or eventually, could lead to a buyout.”