Twitter’s largest investor, billionaire Elon Musk, is reversing course and will no longer join the company’s board of directors less than a week after being awarded a seat.
Twitter CEO Parag Agrawal announced the news, which followed a weekend of Musk tweets suggesting changes to Twitter, including making the site ad-free. Nearly 90% of Twitter’s 2021 revenue came from ads.
The rapidly evolving relationship between Musk and Twitter began exactly one week ago when regulatory filings revealed the mercurial billionaire had amassed a 9.2% stake in the social media platform, making him its largest shareholder. That, according to Ives, could mean that Musk will join with another major investor to force “strategic changes at Twitter,” or that he will try to force the company to move in a new direction by rattling board members and executives.
He now has a 9.2% stake in Twitter, raising questions about how he might try to reshape the social media platform as Twitter’s biggest shareholder.
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