In premarket trading on Tuesday, Twitter shares soared more than 7% after Elon Musk was named to the company’s board of directors.
Elon Musk acquired a passive 9.2 percent stake in the company, making him the largest shareholder, according to a filing filed with the Securities and Exchange Commission. The stock is valued at about $3 billion. As of 9:02 a.m. ET Tuesday, Twitter shares were up 7.32 percent at $53.63. The rise comes on the heels of Twitter’s biggest trading day since its 2013 IPO, when shares rose more than 27% on Monday.
“It became clear to us in recent discussions with Elon that he would offer tremendous value to our Board,” Twitter CEO Parag Agrawal said in a tweet.
“On Twitter and in the boardroom, he is both a passionate believer and an outspoken critic of the service, which is precisely what we need to be strong for the long term,” he continued.
Elon Musk responded by saying he was excited to collaborate with Agrawal and Twitter’s board of directors to make “major improvements” to the network.
Musk asked Twitter users on Monday if they wanted to add an edit button to the platform.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
“Would you like an edit button?” Musk posted the question in a poll. The poll had garnered 2,333,856 votes as of this writing, with 73.6 percent voting “yes” and 26.4 percent voting “yes.”
Musk was retweeted by Parag Agrawal, who advised people to “vote carefully” as the ramifications “would be significant.” Twitter said on April Fool’s Day that it was working on an “edit” button through its official account. When asked if it was a hoax, the company replied: “We cannot confirm or deny, but we may change our statement later.”
I am excited to share that we are naming @Elon Musk to our board! Through conversations with Elon over the past few weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
While an edit button would allow Twitter users to correct grammatical problems, some worry that it would also allow them to change the meaning of a tweet, which could be problematic if the message had gone viral and received millions of impressions.
In response, Meta CTO Andrew Bosworth said that he and his team “a long time ago” fixed the issue on Facebook by posting a changelog and a notice that it had been updated.
Musk’s appointment to Twitter’s board of directors follows his announcement that he was considering creating a new social media platform. The Tesla CEO is irritated that his tweets are being investigated by regulators like the US Securities and Exchange Commission.
“Because Twitter is the de facto public square, breaching free speech rules fundamentally damages democracy,” Musk tweeted on March 26. “How should we proceed?”
The SEC subpoenaed Musk in November after he asked his Twitter followers whether he should sell 10% of his Tesla shares, sending the stock plummeting.
Musk has long been concerned about Twitter, according to Bilal Hafeez, chief executive of financial markets research firm Macro Hive, who told CNBC’s “Street Signs Europe” on Tuesday that he’s not happy with the company’s attitude toward Twitter. freedom of expression and product development.
“It sounds like Elon is worried about the future of Twitter,” Hafeez commented. “The question is how involved he will be in the future course of the company.”
Musk may try to hire a third party to monitor Twitter, according to Hafeez. Before becoming CEO, Agrawal served as the company’s CTO.
“More fundamentally,” Hafeez said, “there is a problem with Twitter’s revenue growth model.” “He has aggressive ambitions for daily active users, but is unlikely to deliver.” While revenue grew during the epidemic, it was not as fast as many other platforms during the same time period.”
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Source: vtt.edu.vn