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Twitter adds Elon Musk to its board days after a $2.9 billion stock buy

Elon Musk
Elon Musk (Image credit: Recode)

What you need to know

  • Tesla CEO Elon Musk is now on the board at Twitter.
  • Musk bought almost $3 billion in Twitter stock recently.
  • The Tesla CEO has long been vocal about Twitter and what he believed were free speech issues on the social network.

Twitter CEO Parag Agrawal has confirmed that the company has now added Tesla CEO Elon Musk to its board. The move comes days after he bought almost $3 billion worth of shares in the company.

The announcement came via Twitter — where else? — with Agrawal saying that Musk will "bring great value" to the company's board.

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I'm excited to share that we're appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

Musk recently spent $2.9 billion on Twitter stock in a move that was confirmed yesterday. At the time, analysts suggested that the buy was the precursor to bigger things. Sure enough, 24 hours later, Musk has been added to the Twitter board. The AP reported that Dan Ives of Wedbush Securities was already expecting something similar yesterday.

"We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter," Dan Ives of Wedbush Securities said in a client note early Monday.

It's still too early to tell what this will mean for one of the world's most popular social networks, but given Musk's vocal complaints about the way Twitter handles free speech we can surely expect him to apply pressure — rightly, or wrongly.

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To that end, Musk has already suggested that he intends to help make "improvements" to Twitter — although what they will be, we will have to wait and see.

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Hopefully, those improvements will relate to the company's iPhone, iPad, and Mac apps. Far from the best Mac app for reading tweets, the official Twitter app could definitely use some work.

Oliver Haslam
Contributor

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.

Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.