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(Video Credit: CNBC Television)
The stock market and Twitter were electrified after billionaire Elon Musk bought a 9.2 percent stake in the social media company and he has now been added to Twitter’s board of directors with the company’s leftist CEO claiming to be “excited” over the development.
After the news broke that Musk had joined the board of directors for Twitter, stocks jumped more than 6 percent on Tuesday, according to CNBC. Many Americans are hopeful that Musk will restore freedom of speech to the social media platform.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal proclaimed in a tweet on Tuesday.
“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,” he stated, not mentioning that Musk now owns the biggest percentage of stock in the company.
"I’m excited to share that we’re appointing @elonmusk to our board!" pic.twitter.com/hWID71jMUl
— Larry Cermak (@lawmaster) April 5, 2022
Musk responded to Agrawal’s ‘excitement’ by letting him know he has plans.
“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” he teased in a tweet.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
Agrawal is a known leftist who has been criticized as an open opponent to free speech as can be seen in the Fox News clip below:
Twitter CEO: Sure you can speak but our role is “who” will be heard.
— Juanita Broaddrick (@atensnut) April 5, 2022
Musk’s term on the board will reportedly expire in 2024. He will be limited to buying no more than 14.9 percent of Twitter’s common stock outstanding during his tenure on the board and for 90 days following the end of his term.
The billionaire’s purchase of stock comes after heavy criticism of the platform restricting free speech. The Tesla CEO polled users in March on whether he should tackle Twitter over free speech and had been hinting at building his own social media platform.
Interestingly enough, Musk had reached out to Babylon Bee CEO Seth Dillon before he polled his followers, according to Dillon’s tweet below:
Musk reached out to us before he polled his followers about Twitter's commitment to free speech. He wanted to confirm that we had, in fact, been suspended. He even mused on that call that he might need to buy Twitter. Now he's the largest shareholder and has a seat on the board.
— Seth Dillon (@SethDillon) April 5, 2022
Musk’s big move along with his teases and reactions continues to keep Twitter aflutter:
This one tweet speaks volumes.
Elon put them on notice. https://t.co/0I7Rg95slK
— John Cardillo (@johncardillo) April 5, 2022
Though Musk’s stake is considered passive, which normally means he would not be a threat to the control of the company, some investors believe he will be taking a more active role. When his stake in the company was announced Monday, the stock exploded by 27 percent.
Just hours after revealing his holding in the company, Musk got Agrawal’s attention with a poll asking about interest in an edit button.
The consequences of this poll will be important. Please vote carefully. https://t.co/UDJIvznALB
— Parag Agrawal (@paraga) April 5, 2022
Agrawal took over from Jack Dorsey in November. Now, Musk could potentially take over for him in essence if not in name.
— The Laughing Man (@laughingmantwit) April 5, 2022
“We believe Musk joining Twitter will lead to a host of strategic initiatives which could include a range of near-term and long-term possibilities out of the gates for the company still struggling in a social media arms race,” Wedbush analyst Dan Ives told investors. It’s “time to get out the popcorn and watch the developments over the coming months with Musk on the Board.”
Musk is an expert when it comes to using Twitter and he’s an influencer with 80.5 followers. His involvement with the social media platform could reclaim freedom of speech for millions of followers.
.@ElonMusk being named to Twitter’s Board of Directors is just the start.
2022 is the year that we take back our country. The tide is turning.
The Left took it way too far and common sense people who love this country are taking back what is ours.
— Lauren Boebert (@laurenboebert) April 5, 2022
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