More On: elon musk
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It appears that some of the rumors surrounding Musk's surprise Twitter investment have been put to rest.
On Monday, the CEO of Tesla said that he had a 9.2% stake in Twitter, which is a lot of money.
He chose a 13G form, which has surprised the business world, He would be a passive investor, even though he owns a lot of Twitter. That's what the rules of the Securities and Exchange Commission said.
A passive investor means that Musk doesn't have any say in who runs the company, and he won't do anything to take over Twitter.
Tesla CEO Parag Agrawal's first strategic moves were met with skepticism by Tesla CEO Elon Musk. This was even more surprising because Musk has been very critical of the first moves.
Musk was very critical of Twitter's new strategy of using non-fungible tokens (NFTs). NFT holders will be able to get special profile pictures from the company, which said so back in January,
if a person links their crypto wallet to their Twitter account, Twitter displays NFT profile pictures in a special hexagonal shape.
Musk has also taken a lot of flak from Twitter for its policies on speech and what it thinks is free speech.
When Twitter first came out, Musk was a big fan.
"This is so annoying," Musk said on January 21. So why is Twitter wasting engineering resources on this nonsense while crypto scammers are having spambot block parties in every thread?
This is annoying pic.twitter.com/KAkDl29CTX
— Elon Musk (@elonmusk) January 21, 2022
Musk also thought about making his own social network because he didn't like Twitter's rules about free speech.
"Do we need a new platform?" March 26 was the day that Musk asked his 80.5 million followers on Twitter to help him make a new electric car.
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
— Elon Musk (@elonmusk) March 26, 2022
What should be done? https://t.co/aPS9ycji37
"Would you think about making a new social media platform, @elonmusk?" "One that would have an open-source algorithm, one where free speech and adhering to free speech is the most important thing, and one where propaganda is very low. This is the kind of system we want. I think that kind of a platform is important."
Would you consider building a new social media platform, @elonmusk? One that would consist an open source algorithm, one where free speech and adhering to free speech is given top priority, one where propaganda is very minimal. I think that kind of a platform is needed.
— Pranay Pathole (@PPathole) March 26, 2022
"Am giving serious thought to this," Musk wrote back, but didn't give any more information about it.
Am giving serious thought to this
— Elon Musk (@elonmusk) March 27, 2022
People talked about free speech on Twitter just one day after the richest person in the world asked them what rules they thought about.
"Free speech is very important for a democracy to work. Do you think Twitter is very strict about this rule?" Musk said that.
Free speech is essential to a functioning democracy.
— Elon Musk (@elonmusk) March 25, 2022
Do you believe Twitter rigorously adheres to this principle?
Musk and Twitter have agreed on what to do.
There was a lot of speculation about what Musk could and couldn't do at Twitter. Now, Musk has put an end to all of that speculation.
He has just sent new documents to the SEC. In them, he and Twitter say that he will be an investor and shareholder who will have a say in how Twitter does business.
A 13D form that was filed on Tuesday night shows that he is going to be an activist.
Tesla founder Elon Musk has already made a lot of moves on Twitter, but in this new SEC filing, we learn a lot more about those moves.
On January 31, Musk started buying Twitter shares. He kept buying them until April 1.
When he bought and sold things, he made 43 deals, with prices ranging from $32.806 to $40.301.
Overall, Musk now owns 73,115,038 Twitter shares, which is 9.1% of the company.
On Feb. 7, 4,839,507 shares were bought at a price of $36.515 each.
On March 14, Musk passed Twitter's 5% mark. This is usually the point at which an investment must be made public.
When it was all said and done, Musk spent $2.64 billion on things. Twitter closed at $3.727 billion on Tuesday, so that stake is now worth $3.727 billion in cash.
So what can't he(Musk) do?
Despite the fact that Musk can have an impact on the future of Twitter, he won't be able to take over the company. He has said that he signed a deal that limits his stake in the platform.
It says that until 2024, no one in the world can own more than 14.9 percent of Twitter.
A board seat was given to him in exchange.
Having Musk on the Twitter board is a big sign that Twitter isn't going to be hostile to him, says Wedbush Securities analyst Dan Ives.
As soon as he joins the board, "we would expect him to have an immediate impact." The Street will be looking for a variety of strategic options for Twitter with Musk on the board, Ives said.
As of now, Twitter employees have only shown support for Musk in front of the public, but that could change.
Welcome: Parag Agrawal said on Tuesday that he was happy to have Elon Musk on the board. "Elon and I have talked a lot in recent weeks and it became clear to us that he would be an important member of our Board." "On Twitter, and in the company's boardroom, we need someone who both loves and hates the service to make us stronger in the long run. Elon, welcome!"
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
In no time at all, Musk started putting his power to good use.
Is there something you'd like to change? The tech tycoon asked on Monday.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
Twitter said Tuesday that it had been working on a "edit" button for a long time.
"The answer is yes, we've been working on a way to make changes since last year. did not come from a poll "The company said that. Twitter Blue Labs is going to start testing soon, and we're going to find out what works and doesn't work. We also want to see if there are any new things that can be done.
