Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

Elon Musk to get Twitter board seat after becoming biggest shareholder

Elon Musk to get Twitter board seat after becoming biggest shareholder

The appointment comes after the billionaire entrepreneur and meme poster asked Twitter users whether they wanted an edit button for tweets.

Elon Musk has been given a seat on Twitter's board after becoming the company's single biggest shareholder.

The company has informed the US securities regulator that he will join the board as a Class II director.

Shares in the platform surged by a quarter after it was revealed he had bought a 9.2% stake worth almost $3bn, meaning his investment immediately increased by more than Twitter has ever recorded in profits.

The billionaire entrepreneur and meme poster has celebrated the investment by polling users to ask if they wanted an edit button.

It is not clear whether the poll was a genuine request for policy feedback or simply a joke. The poll's options - "yse" and "on" - were typos for "yes" and "no".

As of publication almost three-quarters of the 2.4 million respondents had voted "yse".

Twitter's new chief executive, Parag Agrawal, quoted the post and said: "The consequences of this poll will be important. Please vote carefully." It is unclear whether he was serious.

The immutable quality of posts on Twitter has been a hallmark of the platform ever since its launch in 2006 despite recurrent if muted requests for change.

Mr Agrawal added, of Mr Musk's appointment to the board of directors: "Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

"He's 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. Welcome Elon!"

Mr Musk responded: "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"

The billionaire's investment followed criticisms of Twitter's approach to free speech, after he claimed he was giving "serious thought" to building a new social media platform.

His stake is considered a passive investment which signals he has no demands on a larger slice of the company - although analysts have cautioned it could ultimately lead to Musk becoming more involved with the running of the business.

Musk's use of Twitter has got him into trouble in the past.

He is locked in a legal battle to free himself from the constraints of a deal he made with US regulators in 2018, an agreement that forces him to have his tweets about Tesla pre-approved by a lawyer to avoid breaking rules around the disclosure of market-sensitive information.

The billionaire had signed an agreement with the US Securities and Exchange Commission (SEC) after he claimed, in a tweet, he had secured funding to take the company private at $420 (£325) a share.

But the billionaire now argues he was coerced into signing the agreement, officially known as a consent decree, due to "the SEC's unrelenting regulatory pressure", according to a court filing.

Musk's legal team has accused the body of trying to curtail his right to free speech.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×