Tech billionaire Elon Musk is also moving into the company’s board of directors after surprisingly joining Twitter. Musk officially gets more influence on Twitter’s strategy.
The head of the electric car manufacturer believes in the platform and is also a harsh critic, wrote Twitter boss Parag Agrawal on Tuesday. “This is exactly what we need” for Twitter to become stronger in the long run.
Musk is Twitter’s largest shareholder
It was only announced the day before that Musk had become Twitter’s largest shareholder with a stake of 9.2 percent. At first it looked as if he wanted to be content with a passive role as an investor. Musk himself has not yet commented on what he intends to do with his investment.
The board of directors in US companies plays a controlling role similar to the German supervisory board – but also has a stronger influence on the strategy.
The Twitter share is likely to have cost the 50-year-old around three billion dollars – and with the price increase of a good 27 percent on Monday, it was a worthwhile investment. Musk is by far the richest person in the world thanks to his holdings in Tesla and space company SpaceX. The financial service Bloomberg currently estimates his fortune at $ 288 billion.
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