Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Elon Musk becomes Twitter’s largest shareholder at 9.2%. What tweet’s next?
BBC | Jane Wakefield | Apr 5, 2022
Elon Musk didn't actually tweet about his new stake in Twitter, which for an avid tweeter seemed somewhat ironic. Maybe it was because the 9.2% he now owns is described as a passive stake, although those who know Musk do not expect it to stay that way for long. His first move was to launch a poll - asking whether people want an edit button, something long called for and perhaps something he personally needs. The new announcement that he will join Twitter's board comes as no surprise.
In a tweet on Tuesday, Twitter chief executive Parag Agrawal said:
"through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board".
Shares in the platform soared following Monday's revelation that the Tesla founder had become the largest shareholder in the company - meaning that stake has already grown in value and is now worth more than $3bn.
See: Elon Musk Just Tweeted a Life-Changing Decision, and Almost Nobody Even Noticed
Musk's shareholding is four times greater than that of Twitter founder Jack Dorsey, who stepped down as chief executive in November.
Musk has something of a love-hate relationship with Twitter. He is a frequent tweeter, with more than 80 million followers - and no stranger to controversy in his interactions on the social media site.
The platform seems to suit his impulsive personality - last year he famously asked if he should sell 10% of his stock in his electric car firm Tesla, to which Twitter users said 'yes'. It led to Musk selling around $5bn (£3.7bn) of shares in the firm in November.
Musk uses Twitter not just as a barometer for how he runs his own companies, but also increasingly to take the temperature of the nation.
Last month, after he had lodged his investment with the SEC - but before his shareholding became public knowledge - he asked users whether they believed that free speech was essential to a functioning democracy and whether Twitter adheres to this principle.
See: Amid Russian invasion Ukraine’s official Twitter account posts pleas for crypto donations
And it seems most likely that it will be from this Twitter account that Musk will let the world know what he intends to do next.
Continue to the full article --> here
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