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Musk officially gets more influence on Twitter’s strategy. The head of the electric carmaker believes in the platform and is also a harsh critic, Twitter chief Parag Agrawal wrote on Tuesday. “This is exactly what we need” to make Twitter stronger in the long run.
Only the day before it was announced that Musk had become Twitter’s largest shareholder with a 9.2 percent stake. At first it seemed that he wanted to settle for a passive role as an investor. Musk himself has not yet commented on what he intends to do with his investment.
On the one hand, the board of directors of US companies plays a control role, similar to that of the German supervisory boards, but also has a stronger influence on strategy.
The Twitter stock may have cost the 50-year-old around $3 billion, and with the price rising a whopping 27 percent on Monday, it was immediately an investment that paid off. Musk is by far the richest person in the world thanks to his holdings in Tesla and the space company SpaceX. The Bloomberg financial service currently estimates his fortune at $288 billion.
Elon Musk Launches Twitter Edit Button Survey
After his large-scale entry into Twitter, tech billionaire Elon Musk is picking up on an old demand from many users: the ability to change tweets afterwards. Users can comment if they want an edit button on a Twitter poll created by Musk. After early Tuesday night, approval hovered around 75 percent.
The unrepresentative poll has no direct consequences, but the newly acquired 9.2 percent share automatically secures Musk more audience with Twitter’s management. Twitter never responded to years of demands for an editing option.
Twitter boss Parag Agrawal allowed himself a subtle hint against his new biggest shareholder. Agrawal retweeted Musk’s poll, saying, “The ramifications of this poll will be significant. Vote carefully.” With this phrase, Musk asked Twitter users a few days ago for his opinion on the service’s freedom of expression before announcing his entry.
In NASDAQ trading, shares of Twitter rose 2.02 percent to $50.98 on Tuesday after its price jump from the day before. Meanwhile, shares of Tesla lost a significant 4.73 percent to $1,091.26.
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