In premarket trading Tuesday, Twitter shares soared more than 7% after Elon Musk was named to the company’s board of directors.
Elon Musk took a 9.2 percent passive stake in the company, making him the largest shareholder, according to a release filed with the Securities and Exchange Commission. The share is valued at about $3 billion. At 9:02 a.m. ET Tuesday, Twitter’s stock had risen 7.32 percent to $53.63. The increase comes on the heels of Twitter’s greatest trading day since its IPO in 2013 when the stock rose over 27% on Monday.
“It became evident to us in recent conversations with Elon that he would offer enormous value to our Board,” Twitter CEO Parag Agrawal said in a tweet.
“On Twitter and in the boardroom, he’s both a passionate believer and an outspoken critic of the service, which is precisely what we need to make us stronger in the long run,” he continued.
Elon Musk responded by stating he was excited to collaborate with Agrawal and the Twitter board of directors to make “major enhancements” to the network.
Musk asked Twitter users on Monday if they wanted an edit button added to the platform.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
“Would you like a button to edit?” Musk posted the question in a survey. The poll had collected 2,333,856 votes as of this writing, with 73.6 percent voting “yes” and 26.4 percent voting “on.”
Musk was retweeted by Parag Agrawal, who advised people to “vote carefully” since the ramifications “would be significant.” Twitter said on April 1st, April Fools’ Day, that it was working on an “edit” button through its official account. When asked if it was a prank, the company responded, “We cannot confirm or deny, but we may modify our statement later.”
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
While an edit button would allow Twitter users to correct grammatical problems, some worry that it would also allow them to change the meaning of a tweet, which might be problematic if the message had gone viral and received millions of impressions.
In response, Meta CTO Andrew Bosworth said that he and his team “a long time ago” fixed the problem on Facebook by posting a change log and a notice that it had been updated.
Musk’s appointment to the Twitter board of directors follows his announcement that he was considering creating a new social media platform. Tesla’s CEO is irritated by the fact that his tweets are investigated by regulators such as the Securities and Exchange Commission of the United States.
“Because Twitter is the de facto public town square, failure to adhere to free speech norms fundamentally damages democracy,” Musk tweeted on March 26. “How should we proceed?”
The SEC subpoenaed Musk in November after he asked his Twitter followers if he should sell 10% of his Tesla stock, which caused the stock to plummet.
Musk has had concerns with Twitter for a long time, according to Bilal Hafeez, CEO of financial market research firm Macro Hive, who told CNBC’s “Street Signs Europe” Tuesday that he’s unhappy with the company’s attitude to free speech and product development.
“It appears that Elon is concerned about Twitter’s future,” Hafeez remarked. “The question is how involved he will be in the company’s future course.”
Musk may try to hire an outsider to oversee Twitter, according to Hafeez. Before becoming CEO, Agrawal served as the company’s CTO.
“More fundamentally,” Hafeez said, “there is an issue with Twitter’s revenue growth model.” “It has aggressive ambitions for daily active users, but it is unlikely to meet them.” While revenue grew throughout the epidemic, it wasn’t as fast as many other platforms over the same time period.”
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