Elon Musk becomes largest Twitter shareholder but will take 'passive' role

Elon Musk becomes largest Twitter shareholder but will take 'passive' role
Elon Musk. Credit: Belga

Billionaire and Tesla CEO Elon Musk has given up his seat on the Twitter board of directors after buying a 9.2% stake in the social media company, making him the largest shareholder.

“Elon’s arrival on the board was to become officially effective on 9 April, but Elon made it known that same morning that he was no longer joining the board,” the social network's general manager, Parag Agrawal, said in a message to the platform’s staff.

Musk had specified in a document sent to the stock market regulator that his participation would be “passive”, meaning he did not intend to influence major strategic decisions.

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With over 81 million followers, Musk is a fervent Twitter user, often going viral and even affecting stocks and cryptocurrency with his bold statements. On 9 April, he shared the top 10 most-followed Twitter accounts, asking: "Is Twitter dying?", noting that most of the "top" accounts rarely tweet and post little content.

Since then, Musk increased provocations by asking whether Twitter users wanted an “edit” button to correct a tweet after publication, which attracted nearly 4.4 million people; about 73% answered “yes”.

The platform then announced that it was testing this feature, which many users have been requesting for years.

However, according to the Washington Post, several Twitter employees expressed their concern, wondering whether Musk’s values are aligned with the corporate culture of the social network.


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