Arab Press

بالشعب و للشعب
Saturday, Feb 22, 2025

Elon Musk to get Twitter board seat after becoming biggest shareholder

Elon Musk to get Twitter board seat after becoming biggest shareholder

The appointment comes after the billionaire entrepreneur and meme poster asked Twitter users whether they wanted an edit button for tweets.

Elon Musk has been given a seat on Twitter's board after becoming the company's single biggest shareholder.

The company has informed the US securities regulator that he will join the board as a Class II director.

Shares in the platform surged by a quarter after it was revealed he had bought a 9.2% stake worth almost $3bn, meaning his investment immediately increased by more than Twitter has ever recorded in profits.

The billionaire entrepreneur and meme poster has celebrated the investment by polling users to ask if they wanted an edit button.

It is not clear whether the poll was a genuine request for policy feedback or simply a joke. The poll's options - "yse" and "on" - were typos for "yes" and "no".

As of publication almost three-quarters of the 2.4 million respondents had voted "yse".

Twitter's new chief executive, Parag Agrawal, quoted the post and said: "The consequences of this poll will be important. Please vote carefully." It is unclear whether he was serious.

The immutable quality of posts on Twitter has been a hallmark of the platform ever since its launch in 2006 despite recurrent if muted requests for change.

Mr Agrawal added, of Mr Musk's appointment to the board of directors: "Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

"He's both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!"

Mr Musk responded: "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"

The billionaire's investment followed criticisms of Twitter's approach to free speech, after he claimed he was giving "serious thought" to building a new social media platform.

His stake is considered a passive investment which signals he has no demands on a larger slice of the company - although analysts have cautioned it could ultimately lead to Musk becoming more involved with the running of the business.

Musk's use of Twitter has got him into trouble in the past.

He is locked in a legal battle to free himself from the constraints of a deal he made with US regulators in 2018, an agreement that forces him to have his tweets about Tesla pre-approved by a lawyer to avoid breaking rules around the disclosure of market-sensitive information.

The billionaire had signed an agreement with the US Securities and Exchange Commission (SEC) after he claimed, in a tweet, he had secured funding to take the company private at $420 (£325) a share.

But the billionaire now argues he was coerced into signing the agreement, officially known as a consent decree, due to "the SEC's unrelenting regulatory pressure", according to a court filing.

Musk's legal team has accused the body of trying to curtail his right to free speech.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Gaza Children.
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
×