Tesla CEO Elon Musk now has a 9% stake in Twitter and a seat on its corporate board of directors, raising questions about how the billionaire business magnate could reshape the social media platform.
FILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020. Musk now has a 9% stake in Twitter and a seat on its corporate board of directors, raising questions about how the billionaire business magnate could reshape the social media platform. He is now Twitter's biggest shareholder and has the ear of top managers.
But what's really driving Musk's Twitter involvement isn't clear. His preoccupations with the service include arguing to make Twitter’s algorithm viewable by the public, widening the availability of “verified” Twitter accounts, and blasting a profile photo initiative involving non-fungible tokens, or NFTs.
But he's still just one member of a 12-person board that Twitter says has “an important advisory and feedback role” but no responsibility over day-to-day operations and decisions. That means Musk won't have the authority to“Our policy decisions are not determined by the board or shareholders, and we have no plans to reverse any policy decisions,” said Twitter spokesperson Adrian Zamora.Several Wall Street analysts said they were encouraged by Musk’s new role at Twitter.
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