Elon Musk To Join Twitter’s Board After Becoming The Largest Outside Shareholder
Photo Credit: Pascal Le Segretain
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Elon Musk To Join Twitter’s Board After Becoming The Largest Outside Shareholder

If laying it all on the table were a person, it would have to be Elon Musk.

According to the Securities and Exchange Commission (SEC), Musk bought 73,486,938 shares of Twitter on March 14. The purchase made the Tesla founder the largest outside shareholder in the social media company at 9.2 percent.

Based on SEC regulations, any person that purchases more than five percent is mandated to disclose their withholding within ten calendar days of the acquisition.

Exactly one day after the ten-day period passed, Musk went to his Twitter followers and created a poll.

“Free speech is essential to a functioning democracy,” Musk wrote. “Do you believe Twitter rigorously adheres to this principle?”

After tweeting the poll, the billionaire offered a warning of sorts to those who decided to participate by stating, “The consequences of this poll will be important. Please vote carefully.”

Following the news, CNBC reports the acquisition sent the company’s shares through the roof to more than 27 percent. Then, on Tuesday, April 5, shares of Twitter were reportedly up three percent after the announcement that Musk would join its board of directors.

“I’m excited to share that we’re appointing Elon Musk to our board,” CEO Parag Agrawal wrote via Twitter. “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”

Musk will be a member until his term ends in 2024.

What Is The Game Plan?

Musk’s recent involvement with Twitter is likely poised to make it the continued epicenter for political drama as the 2022 midterms take place. Political forerunners are likely to make this a part of their campaigns. This move could potentially spark an additional conversation on social media regulation from the SEC. However, Musk is no stranger when it comes to dealing with the regulatory agency.

A consistent outspoken voice, Musk has been the root of several controversial topics. Based on the messaging from the Twitter poll, former President Donald Trump supporters praised Musk as an ally for “free speech” hoping that such a stake in the company could lead to Trump’s account being reinstated.

Former President Trump was banned from Twitter and other social media sites for allegedly purporting false information and inciting public uproar and violence.

A regular user of Twitter, Musk is no stranger to social media uproar. As of Monday, April 4 after the full announcement of the acquisition, he returned to Twitter with a simple message:

 

He later also tweeted a poll about an edit button.

We’ll see what comes out of his new appointment and stake in the company.