A day after revealing that he owns a major share of Twitter, Elon Musk had a say in deciding how it works.
Twitter CEO Parag Agrawal said in a tweet on Tuesday that Musk had been named to the company’s board, giving him a say in the company’s strategic direction.
“He is both a passionate believer and an intense critic of service, which is exactly what we need…to make us stronger in the long run,” Agraal said. “Welcome Elon! »
“I look forward to working with the Parag Board and Twitter to deliver meaningful improvements to Twitter in the months ahead,” Musk replied.
It’s not immediately clear whether Musk is being added to the company’s board or taking someone else’s existing spot.
The move comes a day after it was revealed in a regulatory filing that Musk had quietly bought back shares in the company, racking up more than 73 million in recent weeks – more than anyone else.
“Behind the scenes, he’s going to be very vocal, very influential,” cybersecurity analyst Ritesh Kotak told CBC News in an interview. “I think it’s going to be really interesting to see the future of this platform.”
While it’s a major blow for the man who has harshly criticized Twitter on free speech issues, Tuesday’s development means there will now be a limit to the number of additional shares of the company he can own.
Currently, Musk owns approximately 9.2% of all outstanding Twitter shares. As a member of the board, he is prohibited from owning more than 14.9%, which means he is now less likely to try to buy out the entire company, as some have argued. the assumption that he might want to.