The Tesla billionaire has become Twitter's biggest shareholder, setting up a potential confrontation between him and the company's new CEO.
Twitter swiftly made peace with Elliot, avoiding the protacted corporate battles between that often mark activist campaigns and drag on for months or years. The company agreed to set new, larger targets—and to establish a succession plan for Dorsey. The company prospered during the pandemic, and Dorsey was able to keep his role and depart on his own terms, hand selecting Agrawal to replace him.
It remains to be seen if Agrawal and Twitter’s board will take the same approach with Musk, and Twitter couldn’t immediately be reached for comment. Before becoming CEO, Agrawal had been the company’s chief technology officer; he first joined Twitter as an engineer in 2011. When Twitter announced Agrawal was getting the CEO role, Musk posted a meme to his account, which did not paint Twitter’s new chief executive in a positive light: The doctored image shows Agrawal as Russian dictator Joseph Stalin and Dorsey as another Soviet leader. By likening Agrawal and Dorsey to the former communist strong men, Musk seemed to underline his belief that the company limits speech.
Musk has established a high profile for himself using the service, but his time on Twitter has been marked by controversy and problems. Most prominently, Musk and Tesla had to agree to some limits around his Twitter presence in 2018 after tweeting about his intentions to take Tesla private. He is now seeking to end those restrictions, though his persona has remained strikingly unchanged.
Twitter remains a tempting target. Its cultural standing has long been seen as outsized to its financial success, and it has struggled to expand revenue and share price to the same degree that Facebook and Snap did. Unlike those two companies, Twitter’s corporate structure makes it vulernable to outside pressure: Both Facebook and Snap have dual share classes with voting power—and ultimate control—resting in the hands of their respective founder CEOs, Mark Zuckerberg and Evan Spiegel.
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