Elon Musk May Just Kick Out Parag Agrawal As Twitter CEO
Elon Musk is now the single biggest shareholder in Twitter - so what's his next move? Musk didn't actually tweet about his new stake in Twitter, which for an avid tweeter seemed somewhat ironic.
Photo Insert: Elon Musk, now the single biggest shareholder in Twitter, has hinted he does not support current CEO Parag Agrawal.
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, Jane Wakefield reported for BBC.
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." He added that "as a passionate believer and intense critic" of the service, he is "exactly what we need."
He's also suggested that he does not support CEO Parag Agrawal, who recently took over from Jack Dorsey.
"Musk has already indicated that he did not agree with the appointment of Agrawal and that he desires some changes," Morningstar analyst Ali Mogharabi said in a note to clients.
Some suspect he could agitate for even bigger shifts at the company. There's speculation Musk could partner with other activist investors, or even create a consortium to take Twitter private. The company is worth $40 billion. That's a fraction of rival Meta, which has a market value of $637 billion.
CNN also reported that analysts expect Musk, who has been a vocal critic of Twitter policies, to actively push for changes to how the company operates. Last month, he said he was giving "serious thought" to creating a new social media platform.
"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Musk recently tweeted. "What should be done?"