Elon Musk makes the biggest shareholder of Twitter, with a 9.2 percent stake, worth nearly $3 billion. Likewise, more than the 8.8 percent stake held by the Vanguard Group, while Morgan Stanley held 8.4 percent, and 2.2 percent stake held by the co-founder Jack Dorsey company.
On Tuesday, it has been notifying that Elon Musk had taken the position of a 9.2 percent stake in Twitter. Elon Musk co-founder of SpaceX and Tesla on Tuesday was appointed to the board of Twitter. The investment comes only after Musk had said he was “giving serious thought” to building a new social media platform.
Elon Musk makes the biggest shareholder of Twitter, with a 9.2 percent stake, worth nearly $3 billion. Likewise, more than the 8.8 percent stake held by the Vanguard Group, while Morgan Stanley held 8.4 percent, and 2.2 percent stake held by the co-founder Jack Dorsey company.
The stake and a board seat are also likely to give Musk more freedom to propose tweaks and changes to the microblogging site. For an instance, on 25th March, nearly 10 days after he had already taken the stake. In the first tweet of Musk, he set up a poll asking his followers if Twitter rigorously sticks to the principles of free speech, which he said was vital to a functioning democracy.
In the successive tweet, he even asked his followers if a new platform was needed. On Tuesday, Musk asked if the microblogging site should have an edit button. He had then also hinted that people should “vote carefully” as the “out-turn of the poll” could be essential. After that, more than 70 percent of the voters said that they did not believe that Twitter was rigorously implementing the principles of free speech.
On the 26th of March, Musk again posted a tweet seeking a solution as Twitter, which “serves as the de-facto public town square”, had failed to adhere to free speech principles which in turn undermined democracy. Parag Agrawal Twitter’s newly appointed CEO replied to the tweet asking people to vote carefully as the consequences of the poll would be important.
Later on, the same day, it was announced by Agrawal that the appointment of Musk to Twitter’s board. While Twitter has expanded into newer products such as audio tweets and spaces. The funds from the stake buy may help the platform expand and further improve the quality of these services.
Published By: Apoorva Wakodikar
Edited By: Subbuthai Padma
