Elon Musk Buys Twitter Stake

Elon Musk Buys Twitter Stake

We all know Elon Musk as the richest person in the world, the Chief Executive Officer of SpaceX and Tesla, and now we know him as the largest stakeholder in the social media company, Twitter. 

Elon Musk has been in the spotlight for his Tweets a number of times, but this did not stop him from reaching out to the CEO of Twitter, Parag Agrawal, a few weeks ago to show an interest in acquiring a 9.2% stake in the company. 

Elon Musk usually announces every major move he makes on Twitter, but ironically, he did not mention anything about taking a huge stake in the company. Although the announcement was not a surprise, it came from Parag Agrawal himself, through a tweet on Tuesday, saying “through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board”.

Elon Musk replied to this tweet by saying that he is looking forward to making significant changes to the social media platform, as he aims for free speech, open-source algorithms, and most importantly, an edit button. 

Elon has had a long relationship with Twitter, with its ups and downs. The platform suits his impulsive personality, and is a frequent tweeter, about his feelings, and usually avoids applying a filter to them. This has benefited him at times, but sometimes attracted controversy as well.  

The day after his 9.2% stake in the company became public, he asked Twitter users if they wanted something they have been asking for years, and that is the ability to edit their tweets. 

Twitter allows its users to post tweets with a 280-character limit, and once they are posted, users can’t edit them, only delete them. 

Twitter is valued at just more than $40 billion, after Elon Musk’s $3 billion investment. 

Parag Agrawal, Elon Musk, and Twitter co-founder, Jack Dorsey, have all floated a notion of radically shifting power in social networking to users and away from the big corporate companies, by using technology to give people control over what they want their social media feeds to show them. Elon Musk has a lot of ideas that would revolutionise the world of social networks

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Mr. Agrawal looks to have Elon Musk become a more active participant in taking Twitter forward and working towards its future. As he already has more than 80 million followers on Twitter and tweets almost every day, Mr. Agrawal was thrilled to have him appointed to Twitter’s 11-person board till 2024. Following this move, Musk has agreed to not own more than a 14.9% stake in Twitter and never take over the company. 

His appointment has been celebrated by the users of Twitter, as the social media platform has been accused of being politically biased and not promoting free speech. As we have seen Elon Musk’s Twitter activities over the years, his crude way of silencing critics is seen to bring a change in the social media platform and get its users excited for what is to come.

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