Elon Musk recently announced that he owns 9.2 percent of Twitter (TWTR) – Get Twitter, Inc. Report. As a result, he became the largest shareholder in Jack Dorsey’s microblogging website.
The two billionaires adore each other and make no attempt to hide their feelings for one another. They frequently do not hesitate to attack Silicon Valley’s elite, relishing the role of outsiders. Twenty-four hours after Musk’s surprise arrival in Twitter’s capital, the platform announced that the world’s richest man would also join the board of directors.
The move has raised new concerns about Musk’s intentions. What does he intend to do? What are the objectives? How does he plan to change and transform Twitter in order to increase revenue, expand, and grow its audience?
Musk’s bet is shrouded in uncertainty, even though investors appear to be convinced for the time being that positive changes are on the way for social media.
On Monday, Twitter had one of its best sessions on Wall Street, adding $10 billion to its market capitalization.
Dorsey appears to want to reassure and dispel fears.
“I’m thrilled Elon is joining the Twitter board!” Dorsey, who now runs Block (SQ) – Get Block Inc Class A Report, made the announcement on Twitter. “He is deeply concerned about our world and Twitter’s role in it.”
He then attempted to reassure those who are concerned about his successor’s future relationship with Musk.
“Parag and Elon both lead with their hearts, and they will be an incredible team,” Dorsey said of Twitter CEO Parag Agrawal, who took over in November.
Dorsey’s statement came after Parag Agrawal announced Musk’s appointment to Twitter’s board of directors.
“I’m thrilled to announce that we’ve appointed @elonmusk to our board!” Agrawal made a post. “Through recent conversations with Elon, it became clear to us that he would bring significant value to our Board.”
It’s worth noting that Musk famously tweeted a meme depicting Agrawal dressed as Russian dictator Joseph Stalin and Dorsey dressed as Nikolai Yezhov, the former head of the Soviet secret police.
Musk also chastised Agrawal’s early attitudes.
Musk was outspoken in his criticism of Twitter’s strategic shift toward nonfungible tokens. The company announced in January that it intends to provide special profile pictures to NFT holders. As long as a user connects their crypto wallet to their social-media profile, Twitter displays NFT profile pictures in a special hexagonal shape.
“This is annoying,” Musk said on January 21. “Twitter is wasting engineering resources on this nonsense while cryptocurrency scammers throw a spambot block party in every thread!”
Musk and Dorsey Are Bitcoin Proponents
In general, Musk appeared dissatisfied with Dorsey’s departure from Twitter last November. In the midst of strained relations with the Securities and Exchange Commission, Dorsey was one of the few CEOs to back Musk.
“So, who is the most exciting and influential person on Twitter right now? BE DETAILED, “Dorsey was questioned by journalist Kara Swisher in February 2019.
“To whom do you refer? @elonmusk’s use of Twitter is admirable “Dorsey responded. “He is intent on resolving existential issues and openly sharing his thoughts. I admire that, and all of the ups and downs that come with it #karajack.”
“Thanks Jack, Twitter rocks! 🤡😎🌪💩🔥🥜💨🍃💫🚀🥰,” Musk commented.
Musk did not hesitate to show his support for his billionaire friend Dorsey in 2020, when activist investor Paul Singer of Elliot Management demanded changes from Twitter, thereby weakening Dorsey.
“Just wanted to say that I support @Jack as Twitter CEO,” Musk tweeted in March 2020. “He’s got a good.”
The two billionaires also share a belief in the revolution promised by cryptocurrencies, specifically bitcoin. Their firms are among the few that keep bitcoin on their balance sheets.
According to Bitcoin Treasuries, Tesla has 43,200 bitcoin worth $1.989 billion at the time of writing, while Block, formerly known as Square, has 8,027 bitcoin worth $369.60 million.