Elon Musk Is Now Twitter’s Largest Shareholder, Gets Appointed To Its Board

Last week, Elon Musk sent ripples through the social networking industry when he revealed he was “giving serious thought” to launching his own platform, lamenting that Twitter did not abide by the “free speech principle.” 

The Tesla chief even polled followers on if they thought the app “rigorously” supported the first amendment, even prompting Twitter’s CEO Parag Agrawal to retweet and emphasize that the “consequences of this poll will be important.”

The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB

— Parag Agrawal (@paraga) April 5, 2022

With over 70% of respondents indicating they didn’t feel Twitter provided a safe space for open communication, Musk said he was pondering starting his own network where “free speech and adhering to free speech in given top priority.” 

However, in a twist, it’s now been revealed that despite his seemingly anti-Twitter sentiments, Musk had recently acquired a 9.2% stake in the platform on March 14 in a transaction worth over US$2.89 billion. 

According to CNN, following news of the filing, Twitter shares soared 22%, making Musk’s stock now worth US$3.5 billion. 

Interestingly, the almost-10% piece of the pie makes Musk the largest shareholder in the company, with the BBC noting he know owns four times as much stock as founder Jack Dorsey. 

Musk’s influence over Twitter’s future is clearly evident—so powerful that Agrawal appointed Musk to its board, merely a day after the public stock disclosure.

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

Could Musk be thinking of changing how Twitter is run from the inside out? Or will he still go ahead with his own social media venture? We’ll soon find out. 

[via BBC and CNN, cover image via Naresh777 / Shutterstock.com]