Social media giant Twitter CEO, Parag Agrawal made the announcement on 5th April, Tuesday that Elon Musk will be joining the company’s board of directors.
This announcement comes in less than 24 hours after Musk’s acquisition of a 9.2% stake in the company as per the company filings released yesterday. Musk became the single largest shareholder of the company.
“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,” tweeted Mr. Parag Agrawal.
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
Parag Agrawal welcomes Elon Musk to Twitter’s board
In a follow-up tweet, Mr. Agrawal said, “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!”.
Twitter unanimously appointed Parag Agrawal as CEO on 29th November 2021 when Jack Dorsey, Co-founder, and CEO of Twitter resigned as CEO after serving for 16 long years.
Mr. Elon Musk will be the board member of Twitter for the next two years until the company’s scheduled annual shareholder’s meeting in 2024. Also, Musk has confirmed that he will not raise his stake in the company by more than 14.9 percent in this period as per the securities exchange filing.
Elon Musk looking forward to working with Parag Agrawal
The Tesla chief was quick enough to reply within minutes saying, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
Jack Dorsey also joined them in the conversation saying, “I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it. Parag and Elon both lead with their hearts, and they will be an incredible team.”
Off late, Musk has been critical of the company policies and freedom of speech on its platform. He said that Twitter is undermining democracy by failing to follow the principles of free speech.
He in fact conducted a Twitter poll about the company’s free speech policy, asking fellow users to vote carefully where more than 2 million users participated and the majority of them voted “No”.
Mr. Musk is very active on Twitter where he uses the platform to make important announcements and has had more than 80 million followers ever since he joined the platform more than a decade back in 2009.
Musk who owns 73,486,938 equity shares of Twitter is more than $3.3 billion as per the closing price on 4th April 2022.
What is expected after Musk joins Twitter Board?
The stake coupled with a board seat is likely to allow more freedom for Musk to tweak and bring important changes to the microblogging site.
Twitter posted annual revenue of $5 billion as of December 2021 and has set a target of $7.5 billion revenue by 2023. With Musk appointed on board, it will give the financial muscle to compete with other platforms like Facebook and Instagram.
Twitter has recently expanded its portfolio by launching newer products like audio tweets and spaces. The funds will help the company not only in expansion but also improve the service quality.
Elon Musk as a board member of the company will also help in boosting the image of the company which is criticized not only by Twitter users but also by governments across the world for suppression of free speech and biased toward content with Left-leaning ideologies.
Well, let us see what new changes will Musk bring after he joins the Twitter board!
