Elon Musk has simply introduced that he holds a 9.2% stake in Twitter (TWTR) – Get Twitter, Inc. Report. He thus turned the most important shareholder of the micro-blogging web site based by Jack Dorsey.
The 2 billionaires recognize one another and don’t conceal it. They typically don’t hesitate to assault the elite of Silicon Valley, taking part in with pleasure the roles of outsiders. Twenty-four hours after the shock announcement of Musk’s arrival within the capital of Twitter, the platform introduced that the richest man on this planet would additionally be part of the board of administrators.
The transfer has intensified questions on Musk’s intentions. What precisely does he wish to do? What are the intentions? How does he intend to vary and rework Twitter underneath strain to extend income, develop and develop its viewers?
Filled with uncertainty surrounds Musk’s wager even when buyers appear satisfied for the second that there are constructive modifications in sight for the social media. Twitter had one among its greatest session on Wall Avenue on Monday, including $10 billion in market cap.
Musk Cares
Dorsey appears to wish to reassure and take away doubts.
“I’m really happy Elon is joining the Twitter board!” Dorsey, who now runs Block (SQ) – Get Block Inc Class A Report, posted on his Twitter account. “He cares deeply about our world and Twitter’s role in it.”
He then tried to reassure those that marvel in regards to the future relationship between his successor and Musk.
“Parag and Elon both lead with their hearts, and they will be an incredible team,” Dorsey mentioned, referring to Twitter CEO Parag Agrawal, who succeeded him in November.
Dorsey’s assertion adopted a publish by Parag Agrawal asserting Musk’s arrival on Twitter’s board.
“I’m excited to share that we’re appointing @elonmusk to our board!” Agrawal posted. “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
It is noteworthy to say that Musk notably posted on Twitter a meme displaying Agrawal within the garments of the Russian dictator Joseph Stalin and Dorsey as Nikolai Yezhov, the previous head of the Soviet secret police.
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Musk additionally criticized Agrawal’s early orientations.
Musk strongly criticized Twitter’s strategic shift towards nonfungible tokens. The corporate introduced in January that it plans to supply NFT holders particular profile footage. Twitter shows NFT profile footage in a particular hexagonal form so long as a consumer connects their crypto pockets to their social-media profile.
“This is annoying,” Musk commented on Jan. 21. “Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?”
Musk and Dorsey Are Bitcoin Evangelists
Usually talking, Musk appeared sad to see Dorsey depart Twitter final November. Dorsey was one of many few CEOs to again Musk amid strained relations with the Securities and Change Fee.
“Ok, then WHO is the most exciting influential on Twitter right now? BE SPECIFIC,” journalist Kara Swisher requested Dorsey on February 2019.
“To me personally? I like how @elonmusk uses Twitter,” Dorsey answered. “He’s focused on solving existential problems and sharing his thinking openly. I respect that a lot, and all the ups and downs that come with it #karajack.”
“Thanks Jack, Twitter rocks! 🤡😎🌪💩🔥🥜💨🍃💫🚀🥰,” Musk commented.
In 2020 when activist investor Paul Singer of Elliot Administration demanded modifications from Twitter, thus weakening Dorsey, Musk didn’t hesitate to indicate his assist for his billionaire pal.
“Just want say that I support @Jack as Twitter CEO,” Musk posted on Twitter on March 2020. “He has a good ❤️.”
The 2 billionaires even have in widespread their perception within the revolution promised by cryptocurrencies and on this case bitcoin. Their firms are among the many few to carry bitcoin on their stability sheets.
Tesla holds 43,200 bitcoin value $1.989 billion in line with Bitcoin Treasuries as of time of writing, whereas Block, previously often called Sq., holds 8,027 bitcoin value $369.60 million.
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