(ConservativeHub.com) – Twitter stocks rose on April 4 after an announcement Tesla CEO Elon Musk had bought a 9.2% stake in the company. His purchase makes him the largest shareholder. On April 5, Parag Agrawal, the social media platform’s CEO, revealed the eccentric billionaire would join the board of directors, causing another surge in Twitter stock prices.
Agrawal stated his belief that Musk’s addition will make Twitter “stronger in the long-term.” In response, Musk tweeted he looks forward to making “significant improvements to 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.
— Parag Agrawal (@paraga) April 5, 2022
Musk’s position on the board means he can’t have more than a 14.9% share in the company while serving and for 90 days after his term ends. He will remain a member until 2024.
In recent months, the SpaceX CEO has voiced criticism about censorship on the platform. Shortly after Agrawal announced Musk’s appointment to the board of directors, the Tesla executive posted a poll asking if users would like an edit button and advocated open-sourcing the Twitter algorithm.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
Some Twitter users hoped Musk would be the ticket to returning former President Donald Trump and other banned individuals to the platform. However, the company released a statement pointing out that the board members and shareholders don’t have the final say on any policy decisions. Will the richest man in the world hold enough influence to make changes, or will executives only humor him in his new position?
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