On Tuesday, Twitter CEO Parag Agrawal revealed that the company will hire tech billionaire Elon Musk to sit on its board of directors. Just one day after it was reported that Musk had taken a 9.2 percent stake in Twitter, he was named to the company’s board of directors.
“I’m very pleased to announce that Elon Musk has been chosen to join our board!” Agrawal wrote on Twitter. “Through recent discussions with Elon, it became clear to us that he would provide significant value to our Board.”
“He’s both a devoted believer and a harsh critic of the service, which is precisely what we need on Twitter, and also in the boardroom, to help make us stronger in the long run. Thank you Elon!” he concluded.
After the news broke, Musk tweeted that he would accept the position. “Looking forward to working with Parag and the Twitter board to make substantial changes to Twitter in months ahead!” he wrote.
On Monday, it was revealed that Elon Musk now has four times the shares that Twitter creator Jack Dorsey does, who owns 2.25 percent of the company.
It was also stated that Musk has previously expressed openness to a platform that embraces a wider range of viewpoints:
The decision was made after Musk announced a shakeup at Twitter, or the possibility of developing a new social media platform that supports free speech.
Last month, Musk urged his followers to vote in a poll about free speech and Twitter’s commitment to it, stressing that the ‘outcome of this poll will be significant.'”
“Free speech is required for a healthy democracy to function. Do you think Twitter strictly follows this value? The outcomes of this poll will have a significant impact. Please consider your answer carefully before voting.”
Dan Ives, a renowned tech analyst, predicted on Monday morning that Elon Musk’s move at Twitter is “just the appetizer” for what is to come.
“This is just the beginning,” Ives told CNBC’s Squawk Box. “Musk isn’t going to do this just for the sake of having a passive stake. He’ll either try to significantly change Twitter by gaining more control or eventually, might lead to a buyout.”
Many conservatives like Judicial Watch’s Tom Fitton, have called for fundamental modifications at the firm in reaction to the newest developments.
“As a member of Twitter’s board of directors, Elon Musk should demand a thorough investigation of the company’s illicit and deceptive censorship practices. The facts demonstrate that Twitter has lied to shareholders, users, Congress and the public about its censorship that targets conservatives,” Fitton tweeted in one statement.