Elon Musk to join board of Twitter after buying 9.2% of shares worth $2.9billion

ELON MUSK is joining Twitter’s executive board after becoming the largest shareholder in the company.

Twitter CEO Parag Agrawal broke the news using the platform.

Musk has a net worth of over $260billion

Agrawal tweeted “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.”

Agarawal, who succeeded Twitter founder Jack Dorsey as CEO in 2021, added “He’s both 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-term. Welcome Elon!”

Musk’s new board seat adds yet another executive role to his list of daily responsibilities.

He is serving simultaneously as the CEO of both Tesla and SpaceX.

In 2001, Musk was ousted as the CEO of PayPal in an unceremonious break spearheaded by his in-company rivals.

Musk replied to Argawal’s announcement, tweeting back “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

Twitter may be subject to remodeling at the direction of their new investor.

Musk hinted at the idea of introducing a long-sought feature to the platform when he tweeted out a poll asking users if they want an edit button.

Musk, the world’s richest man, has been flagged by regulatory agencies for using Twitter to boost the stock price of some of his own holdings and companies.

In the past, some called for him to be booted from the app – with Musk now in control of almost 10% of the company, he’s locked into the Twitter-verse.

With classic Musk-ian flare, his investment in Twitter has not gone without red flags.

The Wall Street Journal reported that Musk’s paperwork to acquire 10% of Twitter had some discrepancies with respect to how much power he intends to exert over the company.

Time will tell if oversight committees will get their arms around a billionaire hacking visibility by purchasing a big chunk of a platform that’s sure to influence the upcoming election cycle.