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Elon Musk Joined Twitter Board and Internet Thinks Parag Agrawal Has Competition

Elon Musk's Twitter stake is worth about $2.89 billion.

Elon Musk's Twitter stake is worth about $2.89 billion.

Elon Musk is reportedly Twitter's largest shareholder, one of the most followed people on the platform and now, also a member of the board.

Elon Musk recently took 9.2 per cent stake in Twitter Inc and now, he has become a member of the company’s board. Twitter CEO Parag Agrawal announced the news, tweeting: “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. 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 replied: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” As per Forbes, Musk is now Twitter’s largest shareholder, as per a SEC filing, and is also one of the most followed people on the platform.

Notably, Musk yesterday posted a Twitter poll asking users if they wanted an Edit button on the microblogging platform, something that has been a long pending demand from its users. The Tesla and SpaceX boss is currently the world’s richest man alive- projected even to be a trillionaire by 2024- which makes him ethically ambiguous at best. Besides, Musk has quite the reputation for being what’s in Internet parlance called a “memelord”. Hence, the decision left people conflicted and of course, memes were made.

Elon Musk’s Twitter stake is worth about $2.89 billion. After his purchase, Twitter’s shares soared about 26 per cent in premarket trading. This comes just a month after Musk had polled his more than 80 million followers on Twitter, asking them whether the company adheres to the principles of free speech. When over 70 per cent of people said no, he asked whether a new platform was needed. He further mentioned that he was giving serious thought to starting his own.

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first published:April 06, 2022, 08:20 IST