Elon Musk's Reason Why He WANTS Twitter!

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Elon Musk’s Reason Why He WANTS Twitter!

Elon Musk will join Twitter’s board of directors, one day after the Tesla CEO disclosed a large stake in the social media company, making him the company’s largest shareholder. Let’s know more!

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“I’m excited to share that we’re appointing Elon Musk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” A tweet is posted by none other than Twitter CEO Parag Agrawal himself, declaring this huge news

Elon Musk, who is also the founder of SpaceX and the world’s richest man, had announced the day before that he had purchased 73.5 million shares of Twitter’s common stock, or 9.2 percent of the company, sending the stock’s value up more than 27 percent on Wall Street.

The billionaire’s investment sparked rumours of a takeover of the microblogging platform, which is influential in the political and media worlds but has struggled to grow profitably.

According to a note from Wedbush, Agrawal’s invitation represents “a friendly move by the Twitter board to embrace Elon Musk with open arms,” which could result in significant strategic shifts for a company “still struggling in a social media arms race.” However, given Elon Musk’s proclivity for divisive remarks, they advised, “get out the popcorn.”

Elon Musk had previously questioned the platform’s commitment to free speech, echoing Donald Trump supporters who want to see the former US president return to Twitter after a lifetime ban imposed in the aftermath of the January 6 riot.

“A passionate believer and intense critic of the service, which is exactly what we need,” Agrawal said of Elon Musk.

The Twitter CEO also shared a poll that Elon Musk had posted to the platform, asking if a function to edit tweets should be added, saying, “The poll’s consequences will be significant. Please vote with care.”

“I’m looking forward to working with Parag and the Twitter board to make significant improvements to Twitter in the coming months!” Elon Musk said.

“He cares deeply about our world and Twitter’s role in it,” said Twitter founder Jack Dorsey of Elon Musk.

According to a securities filing, Elon Musk will remain on Twitter’s board of directors until the company’s annual shareholder meeting in 2024, and he has promised not to take a stake in the company larger than 14.9 percent during that time.

The arrival of Elon Musk also boosted the spirits of some analysts who had been disappointed with the company’s performance. Twitter’s revenues in 2021 were $5.1 billion, up 37% from 2020, but still a fraction of Facebook parent Meta’s $33.7 billion.

Angelino Zino, a CFRA Research analyst, praised Elon Musk’s arrival as a “true visionary.”

“Ultimately, the goal is to better monetize the platform, and we believe Elon Musk’s recent criticism of the company as a refreshing sign can only help, not hurt the process,” Zino said, noting that Elon Musk’s stake terms prevent him from taking over the company.

Susannah Streeter, an analyst at Hargreaves Lansdown, took a more cautious stance, describing Elon Musk as “socially ambitious” and speculating that the Tesla CEO might use the platform to promote his businesses.

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