Billionaire Elon Musk “turns the car” in the Twitter deal

Billionaire Elon Musk changed his mind after just a few days joining Twitter. Accordingly, he will no longer join the Board of Directors of Twitter.

Parag Agrawal, CEO of Twitter, said that billionaire Elon Musk should have joined the Board of Directors after the news was announced a few days. However, according to Mr. Agrawal, Mr. Musk changed his decision without giving any further reasons.

Agrawal thinks this is probably the best thing for the company, but Twitter will still leave the door open for Mr. Elon Musk to join.

With 73,486,938 shares, Elon Musk becomes Twitter’s largest shareholder. These shares are valued at $2.89 billion by CNBC at the closing price on April 1, 2022.

Musk’s filing does not reveal the purpose of the purchase or any plans for the company. Meanwhile, whenever an investor buys 5% or more of a company’s stock, they must report the purchase in a filing with the U.S. Securities and Exchange Commission.

While a stake of less than 10% in a company is considered “passive” in the eyes of Wall Street, it could signal an attempt by Mr. Musk to take a more active role in how Twitter is run. That’s one of the factors that drives other investors to buy stocks and drive prices up.

According to Reuters, Musk will be involved in strategic plans at Twitter, including post editing and the Bluesky project, a company funded by Twitter to develop new operating standards for the social network.

On April 5, 2022, this social network announced plans to test the edit button with subscribers of the Twitter Blue service in the near future. The announcement attracted attention because just a few hours ago, Elon Musk posted a survey on his account to get users’ opinions on adding an edit button on Twitter.

This feature allows users to edit the article content after posting. This is the “most requested feature on Twitter over the years,” said Jay Sullivan, Twitter’s vice president of product.

Source: Financial Times

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