Just a day after becoming Twitter’s largest shareholder, having bought 9.2% of the company, Elon Musk joins the social network’s board of directors. Thus, the magnate of South African origin will have space among the company’s leaders and will be involved in future decisions that affect it.
The news was confirmed by a publication from Parag Agrawal, the CEO of Twitter. “[…] Through conversations with Elon over the past few weeks, it became clear to us that he would bring tremendous value to our board. He’s 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 run,” he said in a pair of tweets.
Although the senior director of the social network did not reveal what will be the role of Elon Musk within the board of directors, something else could be known through a document presented to the Securities and Exchange Commission of the United States. Through a Form 8-K, the firm indicated that the current CEO of Tesla and SpaceX will serve as Class II Principal; In turn, it was reported that his term will last until the annual meeting of shareholders in 2024.
However, Elon Musk’s role in Twitter’s day-to-day business is still not entirely clear. However, the fact that the businessman has already started “testing” his more than 80 million followers with questions about possible future features – like a button to edit tweets – could be a sign of something. which we could see with great interest. .
Elon Musk’s ‘hidden’ reason for joining the Twitter board
Knowing the news that Elon Musk had taken ownership of almost 10% of Twitter, it was only a matter of time before – one way or another – he joined the company. Now, that the current leaders of the social network have appointed him to the board of directors could have a “hidden” motive: that the employer does not overdo it.
According to the SEC filing, while Elon Musk is on the board, and until 90 days after his departure from the board, he may not acquire more than 14.9% of the common stock. of society that are in circulation, either individually or in groups. Basically, measures of this type are intended to dissuade a new shareholder from taking control of the company.
Beyond that, it’s a reality that Twitter will add a visionary and controversial executive. And, how could it be otherwise, the richest man in the world has already used the social network to respond to the announcement of Parag Agrawal. “I look forward to working with Parag and the board to deliver meaningful improvements to Twitter in the months ahead!” he said.
Elon Musk’s arrival on Twitter’s board hasn’t gone unnoticed ever since Jack Dorsey. The founder of the social network was delighted with the arrival of the businessman in the company and did not hesitate to make it public. “I’m so excited to have Elon join the Twitter Board! He cares deeply about our world and Twitter’s role in it. Parag and Elon lead from the heart and will be an amazing team,” insured.
A love-hate relationship
It is impossible not to mention that the public messages between Elon Musk and Parag Agrawal seem to be more of a necessary courtesy than a sincere sentiment. Recall that the CEO of Tesla and SpaceX has been extremely critical of his Twitter pair lately, even comparing him to Joseph Stalin.
To this must be added the complaints about the supposed growing lack of freedom of expression on the platform, as well as the integration of certain functions (such as NFTs as a profile picture).
It will be very interesting to see how Twitter evolves with Elon Musk’s direct involvement. And from what we’ve seen in the past, It won’t be strange that this relationship can’t stay free of controversy.
