The one who is already CEO of Tesla and SpaceX, enters Twitter.
Billionaire entrepreneur Elon Musk joined the social network's board of directors on Tuesday, a day after announcing a 9.2% stake in the group's capital, instantly becoming Twitter's largest shareholder.
His mandate should last until the 2024 general assembly. Elon Musk, who is also the richest man in the world, has pledged not to increase his participation beyond 14.9%.
This means that a takeover is excluded, at least within two years.
For the general manager of the social network, Parag Agrawal, “it became clear to us that he would bring significant added value to our board of directors.
“I look forward to working with Parag and the Twitter Board to implement significant improvements (…) in the months ahead!
“, tweeted Elon Musk.
Twitter stock up 33% on the stock market
Elon Musk, an active user of the social network, has repeatedly criticized the platform, believing, among other things, that it went too far in moderating content posted on the social network and curbing freedom of expression.
In the first exchanges after the opening of the New York Stock Exchange, the title Twitter jumped 7.60%.
Around 3 p.m. GMT, the title Twitter gained 4.74%.
It is up nearly 33% since Friday.
“Musk is a true visionary who can bring valuable input and ideas to help support new initiatives,” responded Angelo Zino, from CFRA, in a note, recalling that Twitter has “worse results than its competitors. ".
“The goal is to better monetize the platform,” he continued, “and we believe Musk can only help, not disrupt, that process.
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However, for Hargreaves Lansdown analyst Susannah Streeter, these developments “could cause nervousness related to the fact that Mr. Musk gains too much influence on the management of Twitter, with the intention of extending his brand and that of his companies,” Tesla and SpaceX.
The announcement of Elon Musk's entry into the board of directors caused Twitter to bubble, some welcoming it, others fearing for the future of the platform.
As of Monday, the Republican elected to the American House of Representatives Lauren Boebert had urged Elon Musk to "lift the political censorship" which weighs, according to her, on the social network, and to "bring Donald Trump back".
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