It all started with a survey last Monday, the 28th. twitter. CEO of Tesla and SpaceX, elon muskHe went to the bird’s social network and asked his followers if they believed Twitter adhered to the principles of freedom of expression.
After 70% said no, Musk said he was seriously considering creating a version of Twitter. As the user answered by the billionaire said, “freedom of speech is the highest priority” and “propaganda is minimal”.
Musk’s comments may not result in anything. The CEO is known for making promises that are never kept and playing with followers on his Twitter account. Sometimes the two get mixed up and it’s not clear whether the broadcast was a joke or a concrete plan.
This time it was really a plan, but quite different from creating the social network itself. Elon Musk a few days later bought 9.2% of Twitter shares, equivalent to $2.89 billion at the time of acquisition. For comparison, former Twitter CEO Jack Dorsey owns a 2% stake.
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The market is reacting
With this move alone Twitter shares rise more than 25% pre-market CNBC. Dogecoin, the billionaire-adopted meme cryptocurrency, rose 19% in the last 24 hours to $0.017 on Tuesday, the 5th.
DOGE’s trading and value rose amid expectations that Twitter will implement the cryptocurrency on its network. a reporter CNBC He wrote: “So Jack owns 2% of Twitter and 9% of Elon Musk! Jack loves bitcoin. Elon Musk loves DOGE.” But so far, there are no signs that such an integration will take place.
Musk joins the board of directors
Also on Tuesday, 5th, Twitter announced that Tesla’s chairman of the board will join the company’s Board of Directors.
[Atualização: nesta segunda-feira, 11, Musk recusou o convite para o Conselho. Mais informações ao final da matéria]
The move is standard to prevent a shareholder from quickly acquiring a majority of the company’s shares, as well as stating that the social network is open to Musk’s views.
According to official documents submitted to the Securities and Exchange Commission, Musk cannot increase his stake by more than 14.9% until the annual shareholders’ meeting in 2024.
Parag Agrawal, the current CEO of Twitter, wrote on his account: “I am happy to share that we have nominated @elonmusk to our board of directors! Through conversations with Elon over the past few weeks, we have clearly seen that he will add great value to our board.”
Agrawal described Musk as “a passionate and intense service critic, which is exactly what we need” at the company.
He is both a passionate believer and an intense critic of just the service we need. @Twitterand in the boardroom, to make us stronger in the long run. Welcome Elon!
– Parag Agrawal (@paraga) April 5, 2022
changes begin
In another poll on Tuesday, Musk asked users if they were interested in a button to edit tweets.
73.5% supported the idea, and on the same day Twitter announced that it would begin testing the tool on its premium subscription service. The idea of editing tweets has long existed among Twitter users and employees alike.
The vehicle was in development long before Musk bought the shares, but the sudden announcement may show what the billionaire’s view is like. – and 81 million followers – It will affect Twitter’s corporate decisions.
employee reviews
Information published by Reutersmeeting with company employees, Twitter employees concerns the billionaire’s ability to influence company decisions about malicious users and harmful content.
Because two weeks ago, when Musk questioned the “absence” of freedom of expression on Twitter, he confused the right of opinion with hate speech. The billionaire’s thinking is similar to that of “unmonitored” social networks such as former President Donald Trump, Brazilian podcaster Monark, and Parler.
In the long run, employees said Musk’s involvement could change Twitter’s corporate culture, which they say currently values diversity.
Musk has been heavily criticized for posting memes (which is already a tradition on his Twitter) making fun of trans people and their efforts to combat Covid-19. He also came to compare some of the world leaders in these memes with Hitler.
— Elon Musk (@elonmusk) April 7, 2022
Other employees believe it Musk’s involvement can help accelerate the pace of new feature and product launches and provide a fresh perspective as an active Twitter user.
In response to employee concerns, Washington Post The 8th this Friday, Musk announced that he will be attending a sabbath with company employees to answer any questions they may have.
Elon Musk’s Twitter involvement marked the billionaire’s first involvement in the social media market. in an interview with BBCAlexandra Cirone, assistant professor at Cornell University, That Musk can leverage to “try to influence Twitter apps” and use his participation for “more active play in the social media ecosystem.”
Whether it’s for the money or the fact that the CEO has always been an active Twitter user, this move promises a new era for the social network. Everyone will watch the next tweets @elonmusk.
*Update: This Monday, 11, Elon Musk turned down an offer to join the Twitter Board. The move allows him to buy more than 14.9% of shares in the social network, but nothing indicates that the billionaire will make such a move for now.
(with information from AFP and Reuters)
