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Parag Agrawal, CEO of Twitter, announced Tuesday that Elon Musk will be a member of the company’s board of directors. The announcement comes after it became known this Monday that Musk bought a 9.2% stake in the company.
Musk is now the largest shareholder of Twitter, ahead of Vanguard Group (8.79 %) or Morgan Stanley (8.76 %). It was also known that Twitter shares have risen more than 25 % in the premarket after the news.
“I’m excited to share that we’re appointing Elon Musk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board,” Agrawal wrote on his Twitter account.
In addition, the company director assured that Musk “is both a passionate believer and intense critic of the service which is exactly what we need on Twitter and in the boardroom, to make us stronger in the long-term.”
Elon Musk arrives at Twitter
Elon Musk responded to Agrawal’s message and assured that he expects to bring significant changes to the social network in the coming months. “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” he said.
Just yesterday, El American analyst Juan Felipe Vélez explained that Musk has been one of the most controversial users of Twitter, and his account has been characterized by strong questioning of Joe Biden’s administration; an absolute defense of freedom of speech; and tweets with the ability to turn the crypto market upside down.
“Musk’s acquisition of Twitter may signal a change in plans for the company’s course for its new CEO, Parag Agrawal, who replaced outgoing Jack Dorsey in November,” said Vélez.
Finally, the analyst detailed that “with Agrawal, the company has taken on the ambitious goal of increasing its annual revenue to $7.5 billion and obtaining traffic of at least 315 million daily users by the end of 2023.”