Elon Musk Joins Twitter Board of Directors
The Tesla CEO teases that he’ll make “significant improvements” to the social media platform.
In a series of tweets with Twitter CEO Parag Agrawal, Elon Musk announces he will take on a new role at the company. After taking a 9.2% stake in the company, Musk will now serve as the newest member to Twitter’s Board of Directors. Musk is already the CEO of Tesla, Space X, and The Boring Company, but is now taking his talents to the social media sphere.
After the announcement on April 5, Twitter shares went up by 2%. In his tweet Musk said he looking forward to making “significant improvements to Twitter in coming months!” With shares already rising, supporters of Musk and the rest of Twitter users are excited to see what this new partnership will bring.
Musk holds the largest stake among outside shareholders for the social media platform. However, his stake is a passive interest, which often means that the holder isn’t trying to influence or control the company. Now that Musk is a new board member, investors assume that he will take a more aggressive stance to the shareholder role.
Agrawal believes that Musk is going to be a valuable member of the Twitter team. In a recent tweet he said “He [Musk]’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.”