One day after announceting that he had acquired a 9.2% stake in Twitter, Spacex and the co-founder of Tesla, Elon Musk was on Tuesday to the Board of Directors of the Company. The purchase comes only days after Musk said he “gave a serious idea” to build a new social media platform.
What does the Twitter stake buy mean for Elon Musk?
The participation of 9.2%, worth nearly $ 3 billion, makes the largest shareholder of the company, more than the 8.8% stake held by the Vanguard Group, 8.4% Detained by Morgan Stanley and 2.2% participation owned by Twitter co -le Jack Dorsey. The participation and a seat of the board are also likely to give Musk more freedom to propose modifications and modifications made to the microblogging site. For example, on March 25, nearly 10 days after having already acquired the participation, Musk first tweed a survey asking his followers if Twitter rigorously adheres to the principles of freedom of expression, which he said was essential to an operational democracy.
He had then referred that people should “vote carefully” because the “poll consequences” could be important. After more than 70% of voters said they did not believe that Twitter strictly putting the principles of freedom of speech, the musk on March 26, again posted a tweet in search of a solution As a Twitter, which “serves as a disagreement public Town Square” failed to adhere to free principles by speaking, in turn fashed democracy In a later tweet, he also asked his supporters if a new platform was needed. Tuesday, Musk asked if the microblogging site must have a publishing button.
The AGRAWAL Parag of the CEO of Twitter responded to the Tweet asking people to vote carefully because the consequences of the survey would be important. Later in the day, Agrawal announced the appointment of Musk to the Twitter Commission.
What does it mean for Twitter?
For Twitter, the purchase of pious comes at a time when its annual December 2021 revenues increased by $ 5 billion and targeted an implementation of $ 7.5 million in turnover by 2023. With Musk. , one of the richest people in the world is officially named on board. The largest shareholder, it could give the microblogging platform more financial muscle to compete with other platforms such as Facebook and Instagram. Twitter has expanded to new products such as audio tweets and spaces. Funds for the purchase of pious can help the platform to grow and further improve the quality of these services.
Purchase pious could also mean an increase in the platform image that has been criticized by users and governments to suppress freedom of expression and to be biased to tweets and content with ideologies to the left.