Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

What are Elon Musk's plans for Twitter?

What are Elon Musk's plans for Twitter?

Elon Musk didn't actually tweet about his new stake in Twitter, which for an avid tweeter seemed somewhat ironic.

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.

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".

Later Musk replied saying he was looking forward to making changes at the social network giant.


Musk's 9.2% stake in the social media company may sound small, but Dan Ives, from analyst firm Wedbush, describes it as "eye-popping" - equating to 73.5 million shares in the social network.

Shares in the platform soared following Monday's revelation that the Tesla founder had become the largest shareholder in the company - meaning that stake has already grown in value and is now worth more than $3bn.

Musk's shareholding is four times greater than that of Twitter founder Jack Dorsey, who stepped down as chief executive in November.

Mr Ives believes the South African entrepreneur now has his eyes "laser set" on Twitter, and his significant holding will see him push for an active role in the management of the company.

"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," he said.

When Elon Musk has an idea, he often turns to Twitter to express it


Musk has something of a love-hate relationship with Twitter. He is a frequent tweeter, with more than 80 million followers - and no stranger to controversy in his interactions on the social media site.

The platform seems to suit his impulsive personality - last year he famously asked if he should sell 10% of his stock in his electric car firm Tesla, to which Twitter users said 'yes'. It led to Musk selling around $5bn (£3.7bn) of shares in the firm in November.

Months earlier he had offered to sign a cheque for $6bn if the World Food Programme (WFP) could explain how it would be used to solve hunger around the globe - after an assertion made by the head of the UN programme.

But tweeting has also got him into trouble. A 2018 post about Tesla stock led to an investigation from the Securities and Exchange Commission which ended with an agreement requiring the firm's lawyers to pre-approve certain tweets. It is unclear if that actually happens.

Interestingly, the Wall Street Journal reports that his Twitter share filings with the Securities and Exchange Commission (SEC), which under normal circumstances would include a line saying he doesn't intend to influence the company, came with a 'Not Applicable' mark.

The timing of the deal has also raised questions and could once again put Musk at loggerheads with financial regulators.

His investment in Twitter was filed on 14 March, but not announced until this week. US securities law requires disclosure within 10 days of acquiring 5% of a company.

Free speech


Musk uses Twitter not just as a barometer for how he runs his own companies, but also increasingly to take the temperature of the nation.

Last month, after he had lodged his investment with the SEC - but before his shareholding became public knowledge - he asked users whether they believed that free speech was essential to a functioning democracy and whether Twitter adheres to this principle.

Cornell University's assistant professor Alexandra Cirone thinks this is evidence he may use his new stake "to try to influence Twitter practices" and for a "more active play in the social media eco-system".

But others see more immediate issues with his musings.

Howard Fischer, partner at law firm Moses & Singer, told Reuters that, given he had already bought a stake in Twitter, these questions could be seen as a form of market manipulation. "I do suspect the SEC is going to look long and hard into whether they can bring manipulation charges, along with the failure to file," he said.

Mr Agrawal is clearly watching his every move. In response to his edit button poll, which currently has 2.6 million responses, he urged voters to do so "carefully".


"The consequences of this poll will be important," he said, echoing the exact same words Musk used after he launched his free speech Twitter poll.

Jack Dorsey had always rejected the idea, and critics point out that it could allow people to fundamentally change the meaning of tweets after they have been shared.

It would be a big change for Twitter to include an edit button, and Musk is clearly keen to be part of that conversation.

Many wishing to join Trump's new Twitter have found they are on a waiting list


For a while last month, it looked as if Musk was intent on building a new social media platform as a rival to Twitter - and there he does have precedent from another prolific and controversial tweeter.

Donald Trump, who was banned from Twitter in January 2021 after the Capitol riots, announced last autumn that he was launching his own social network - dubbed Truth Social - to "stand up to the tyranny of big tech".

But six weeks after its launch, there is a waiting list of 1.5 million who are unable to use it - with the platform branded a disaster by Joshua Tucker, director of NYU's Center for social media and politics.

According to Reuters, two key executives quit after the troubled launch.

For those with shares in Musk's many other businesses - Space X, Tesla, Neuralink, The Boring Company - there will doubtless be a sigh of relief that he didn't go down the same route as Mr Trump.

But there will also be concerns that he has yet another passion project to distract him from the serious business of running his established firms.

Not to mention the issues that might now be raised about the Twitter deal by the SEC.

Social media expert Casey Newton points out that it is not the first time a big tech firm has eyed Twitter. Microsoft chief executive Steve Ballmer once bought a four percent share of the company "and essentially did nothing with it," he writes.

But he goes on to say that Ballmer never tweeted like Musk did: "gleefully, annoyingly, constantly".

And it seems most likely that it will be from this Twitter account that Musk will let the world know what he intends to do next.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Woman Receives Gift Card for Christmas – Discovers It Is ‘Worth’ 63,000,000,000,000,000 Pounds
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
Italy's PM Giorgia Meloni highlights record employment and economic growth
Chancellor Friedrich Merz Re-elected as CDU Leader, Opposes AfD Influence
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
Two teens arrested in France for alleged terror plot.
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
Meanwhile in Time Square, NYC One of the most famous landmarks
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Former President Yoon Suk Yeol Sentenced to Life in Prison for Abuse of Authority
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
German Chancellor Friedrich Merz calls for real name use on social media.
Italian Police Arrest Man After Alleged Attempt to Abduct Toddler at Bergamo Supermarket, Child Hospitalised With Fractured Femur
British Tourist Arrested at Hong Kong Airport After Meltdown and Vandalism
European Commission Plans Purchase Incentives Limited to Vehicles Manufactured Largely in the EU
French District of Pas-de-Calais Introduces Immediate License Suspension for Drivers Using Mobile Phones
Volkswagen Targets €60 Billion in Cost Reductions as Sales Decline and Global Pressures Intensify
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Poland's President Advocates for Evaluating Independent Nuclear Weapons Development
Mayor of Serdobsk in Russia’s Penza Region Resigns After Housing Certificates Granted to Migrant Family Trigger Public Outcry
China’s EV Makers Face Mandatory Return to Physical Buttons and Door Handles in Driver-Distraction Safety Overhaul
UK Green Party Considering Proposal to Legalize Heroin for an Inclusive Society
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
We will protect them from the digital Wild West.’ Another country will ban social media for under-16s
Heineken announces cut of 6,000 jobs due to declining beer demand
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
×