Elon Musk joins Twitter board of directors after becoming its largest shareholder

Posted:
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Twitter has appointed Elon Musk to its board of directors, just one day after the billionaire purchased a 9.2% stake in the social media company.

Credit: Twitter
Credit: Twitter


In a tweet on Tuesday, Twitter CEO Parag Agrawal said he was "excited to share" that Musk was joining the board, adding that "through conversations with Elon in recent weeks, it became clear to us that he would bring great value" to the 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!

-- Parag Agrawal (@paraga)


Following the announcement, Musk said he was looking forward to working with Parag and the board of directors to make "significant improvements to Twitter in coming months."

The SpaceX and Tesla CEO will serve as a Class II director until 2024, according to a filing with the Securities and Exchange Commission. As a Class II director, Musk is barred from becoming the beneficial owner of more than 14.9% of the company's common stock.

A Class II director role can be used as an anti-takeover measure by companies, The Verge has noted.

On Monday, the SEC reported that Musk purchased a 9.2% stake in Twitter. The purchase made Musk the largest individual shareholder of the company.

His purchase followed months of complaining about the social media service's speech policies. In March, for example, the outspoken billionaire polled Twitter users about whether the platform adhered to its own free speech policies.

Although Musk's stake is the largest, it's considered a passive interest. Purchase of passive interest shares often indicate that a shareholder isn't trying to control or influence the company.

Hours after news of his share purchase broke, Musk created another poll asking users about their interest in an edit button. In a retweet, Twitter CEO Agrawal said that users should "vote carefully," since the results of the poll would "be important."

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Comments

  • Reply 1 of 46
    BeatsBeats Posts: 3,073member
    What the F?

    also, how does this human have so much time?!?!
    ronnwilliamlondondoozydozencgWerkswatto_cobra
  • Reply 2 of 46
    I ran "Welcome Elon!" through the Google Translate's BS to English function and it came out as "Oh s#it!:
    foregoneconclusionronnmarklarkbestkeptsecretwatto_cobrajony0tmay
  • Reply 3 of 46
    Musk is one of those people that has no real idea of what "free speech" actually means beyond wanting their own personal speech to have no negative consequences. For example, Musk is trying to use the 1st Amendment to defend himself against SEC charges of securities fraud related to some of his tweets.
    ronnwilliamlondondoozydozenwatto_cobrathtjony0tmay
  • Reply 4 of 46
    byronlbyronl Posts: 369member
    hopefully twitter’s censorship problem will get better
    JWSCwilliamlondonmarklarkgrandact73watto_cobra
  • Reply 5 of 46
    bluefire1bluefire1 Posts: 1,304member
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    chadbagJWSCwilliamlondonmarklarkgrandact73watto_cobra
  • Reply 6 of 46
    chadbagchadbag Posts: 2,008member
    Pass the popcorn.

    that is all I can say.  I am not an Elon worshiper.  But I do respect the man and his accomplishments (not enough to ever care for a Tesla) and can sympathize with his frustrations with Twitter. 
    williamlondonmarklarkwatto_cobra
  • Reply 7 of 46
    mknelsonmknelson Posts: 1,128member
    bluefire1 said:
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    Different political narratives = hate speech, criminality, and falsehoods?

    That's what Twitter tends to block/take down and you would have a difficult time demonstrating otherwise.

    (Hunter Biden's laptop = revenge porn for the right) is maybe the sole exception that comes to mind.
    muthuk_vanalingamforegoneconclusionronnlam92103williamlondondoozydozenauxiobaconstangviclauyycwatto_cobra
  • Reply 8 of 46
    chadbagchadbag Posts: 2,008member
    mknelson said:
    bluefire1 said:
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    Different political narratives = hate speech, criminality, and falsehoods?

    That's what Twitter tends to block/take down and you would have a difficult time demonstrating otherwise.

    (Hunter Biden's laptop = revenge porn for the right) is maybe the sole exception that comes to mind.
    Are you equating different political narratives with hate speech and criminality and falsehoods?  

    Pretty strong words that have no basis in reality.
    JWSCwilliamlondonmarklarkgrandact73
  • Reply 9 of 46
    ronnronn Posts: 669member
    Instead of the shit hitting the fan, it joined the board  :#
    williamlondondoozydozenwatto_cobrafreeassociate2
  • Reply 10 of 46
    chadbag said:
    mknelson said:
    bluefire1 said:
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    Different political narratives = hate speech, criminality, and falsehoods?

    That's what Twitter tends to block/take down and you would have a difficult time demonstrating otherwise.

    (Hunter Biden's laptop = revenge porn for the right) is maybe the sole exception that comes to mind.
    Are you equating different political narratives with hate speech and criminality and falsehoods?  

    Pretty strong words that have no basis in reality.
    You missed the question mark in his first sentence. He's asking the original poster if they think hate speech, criminality, and falsehoods are part of "different political narratives".
    williamlondondoozydozenbaconstangviclauyycwatto_cobraroundaboutnowjony0
  • Reply 11 of 46
    bluefire1 said:
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    Private companies can censor anything they want. That isn't what "free speech" means. 
    williamlondonbeowulfschmidtronnStrangeDaysdoozydozenauxiobaconstangviclauyycwatto_cobrafreeassociate2
  • Reply 12 of 46
    crowleycrowley Posts: 10,453member
    chadbag said:
    mknelson said:
    bluefire1 said:
    This is the best news for Twitter in a long time. Finally someone’s on board who opposes censorship and will allow people who believe in different political narratives to have their say. 
    Different political narratives = hate speech, criminality, and falsehoods?

    That's what Twitter tends to block/take down and you would have a difficult time demonstrating otherwise.

    (Hunter Biden's laptop = revenge porn for the right) is maybe the sole exception that comes to mind.
    Are you equating different political narratives with hate speech and criminality and falsehoods?  

    Pretty strong words that have no basis in reality.
    Since hate speech, criminality and falsehoods are the only political things even remotely censored from Twitter (and not massively effectively) it's pretty clear why that equivalence is relevant.
    edited April 2022 ronnStrangeDaysdoozydozenauxiofreeassociate2
  • Reply 13 of 46
    mr lizardmr lizard Posts: 354member
    Although Musk's stake is the largest, it's considered a passive interest. Purchase of passive interest shares often indicate that a shareholder isn't trying to control or influence the company.”

    Did you read your own story? He’s joined the board of directors. It’s literally his job to control and influence the company.
    edited April 2022 williamlondonwatto_cobra
  • Reply 14 of 46
    JWSCJWSC Posts: 1,203member
    I was absolutely thrilled to hear that Musk had bought into Twitter to become the largest shareholder.  Since that announcement the interwebs has gone into overdrive expounding on why Musk would do such a thing.  Purported reasons vary from Musk wanting to profit quickly on the stock price jump, or perhaps make it a long term investment, or maybe he wanted to push cryptocurrencies through Twitter, or perhaps he feared that his Tweets might be labeled disinformation.  Most of these reasons are baloney.

    Anyone who has been following Musk knows perfectly well why he bought Twitter stock.  Musk is fed up with arbitrary removal of prominent people for allegedly spreading disinformation according to Twitter's appointed fact checkers.  It's one thing to have fact checkers state that 2+2≠5.  But when these 20-something Silicon Valley fact checkers, who are not subject matter experts, start removing prominent scientists and other experts in their respective fields from Twitter, that's a bridge too far.  These so-called fact checkers have no business doing this.  Companies like Twitter and Facebook are far too powerful to be left in the hands of non-experts who conclude something is disinformation because someone says something that is not considered the norm or the consensus.  That kind of censorship retards the advancement of new knowledge.  It allows the loudest and most politically connected voices to set a narrative that is incredibly difficult to overcome, even when new facts and data come to light.

    Over the last several years we have witnessed repeatedly what was once deemed disinformation by powerful people turn out to be true.  The fact checkers did society a great disservice then and they continue unabated.  The knee-jerk reaction by many in Silicon Valley to censor dissenting views is outrageous and it needs to be put to a stop.  Hurray for Elon Musk stepping in to make a positive change!
    williamlondonmuthuk_vanalingamcgWerkswatto_cobra
  • Reply 15 of 46
    crowleycrowley Posts: 10,453member
    I'd sign up for TruthSocial instead, if only it worked.
    ronn
  • Reply 16 of 46
    crowleycrowley Posts: 10,453member
    (the above post is a lie, I wouldn't waste a second signing up for TruthSocial, even if it worked)
    ronnStrangeDaysdoozydozenbaconstangviclauyycJaiOh81watto_cobratmay
  • Reply 17 of 46
    JWSC said: Musk is fed up with arbitrary removal of prominent people for allegedly spreading disinformation according to Twitter's appointed fact checkers.
    Examples?
    ronnauxiobaconstangwatto_cobrafreeassociate2jony0
  • Reply 18 of 46
    StrangeDaysStrangeDays Posts: 12,933member
    byronl said:
    hopefully twitter’s censorship problem will get better
    They don't have a censorship problem. They're a private website with a terms of use agreement, just like Alex Jones' own web forums and Trump's Truth Social do. If users violate the agreed upon terms of use, it's completely fine for them to be booted. What the terms are is up to the company, Twitter doesn't allow spreading disinformation, threatening people, calls for violence, etc. That's fine.

    Handy reference chart:


    edited April 2022 doozydozenmuthuk_vanalingamronnbaconstangviclauyycJaiOh81watto_cobrafreeassociate2roundaboutnowjony0
  • Reply 19 of 46
    JWSCJWSC Posts: 1,203member
    JWSC said: Musk is fed up with arbitrary removal of prominent people for allegedly spreading disinformation according to Twitter's appointed fact checkers.
    Examples?
    Too numerous to list.  And I won’t waste my time with a request than can be verified easily by you, should you care to do so.  You have the interwebs at your disposal.
    cgWerksviclauyycwatto_cobra
  • Reply 20 of 46
    crowleycrowley Posts: 10,453member
    JWSC said: Musk is fed up with arbitrary removal of prominent people for allegedly spreading disinformation according to Twitter's appointed fact checkers.
    Examples?
    Robert Malone, the "inventor of the mRNA vaccine" is one of those that people making such claims love to reference. 

    Unfortunately for them his story is not so simple: https://www.theatlantic.com/science/archive/2021/08/robert-malone-vaccine-inventor-vaccine-skeptic/619734/
    ronnauxio
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