(FeaturedNews.com) – On April 4, SEC filings from Elon Musk showed he bought into Twitter for a 9.2% holding, making him the largest shareholder. By the next day, he was on the board of directors. Later that day, Musk amended his SEC filing, changing his investment from passive to active, meaning the billionaire plans to be involved and not just sit back making money off his interest in the company.
Musk’s Future at Twitter
In compromise for his more active role in the company, Musk agreed not to buy more than a 15% stake. His filings show he’s been buying stock every chance he had since January. His aggressive nature in making purchases into Twitter has people paying attention to what he’s doing now.
In one of the first tweets after the announcements about his ownership and board position, the Tesla CEO asked users if they wanted to see an edit button on the platform.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
Musk already welded a lot of power on the platform. His investment caused Twitter’s stock to shoot up, according to Yahoo Finance. He’s also incredibly influential when it comes to the cryptocurrency market. Many people project that Musk will impact free speech on the platform since he’s been an advocate of the Right, calling himself a “free speech absolutist.”
Starlink has been told by some governments (not Ukraine) to block Russian news sources. We will not do so unless at gunpoint.
Sorry to be a free speech absolutist.
— Elon Musk (@elonmusk) March 5, 2022
When CEO Parag Agrawal did an interview in 2018 with MIT Technology Review, he said the company shouldn’t focus on free speech and should take on the role of deciding “who can be heard.” Musk’s reaction showed his displeasure.
A Quick Change of Heart
While Musk’s new position had employees at the social media company worried, it seems they no longer have anything to fear. While Musk was supposed to join the board on April 9th, he announced that morning he had changed his mind. As the largest individual shareholder, Twitter thought it would be best for him to be on the board where he would be obligated to act “in the best interests of the company.”
Despite giving up his seat, Musk remains the largest individual shareholder in Twitter. The company reiterated in their announcement on Sunday that they believe the decision is for the best and “value the input” from their shareholders.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
Could the eccentric billionaire have made significant changes at Twitter? Could he still, even without a seat on the board? He is only one voice, but it’s still a big one. All eyes are on Musk as he navigates this unusual relationship.
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