In a tweet posted this morning, Twitter CEO Parag Agrawal announced that Elon Musk has joined the social network's board of directors. The statement on Agrawal's official Twitter channel to his 445K Twitter followers reads:
“I am thrilled to share that we are naming @elonmusk on our board! Through conversations with Elon over the past few weeks, it has become clear to us that he would bring great value to our board. ”
Interestingly, Musk currently has more than 80 million followers on Twitter, while his current CEO has less than half a million. So not only will Musk bring "value," but a massive amount of popular influence and support to the council, which the council may or may not necessarily want.
Musk holds four times the shares of former Twitter CEO Jack Dorsey
SEC filings went public yesterday and revealed that Tesla's CEO (Tesla shares - ticker TLSA) had acquired a 9,2% stake in Twitter on March 14, 2022 - becoming Twitter's largest individual shareholder. Musk's number of shares was valued at $ 2,90 billion and is currently four times the holdings of former Twitter CEO and Bitcoin maximalist Jack Dorsey.
Musk had hinted in recent weeks that he may be launching a separate social media platform to be powered by his favorite cryptocurrency Dogecoin (DOGE). But the self-appointed "Doge Father" now seems focused on Twitter's transformation. Dogecoin is up more than 5% this morning at press time, according to CoinMarketCap.
Musk's Dogecoin vision on Twitter
Before becoming a billionaire through the creation of SpaceX, StarLink, or Tesla, Musk made millions as co-founder of one of the most trusted and popular digital payment platforms in the world, PayPal. His background makes him a digital payments expert, and makes his stubborn support of canine-themed cryptocurrency Dogecoin noteworthy and credible.
In a TIME cover story last December, Musk described DOGE as a superior form of digital payment to Bitcoin, which has the largest market valuation of any crypto and is more than 40 times the market value of DOGE. according to CoinMarketCap.
“Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow - transactions per day - that can be done with Dogecoin has a much higher potential than Bitcoin. It's [Dogecoin] slightly inflated, but that inflated number is a fixed number instead of a percentage. Which means that over time, its inflation rate decreases. This is good because it encourages people to spend rather than accumulate [Dogecoin] as a store of value "Musk said in the TIME article.
Musk wasted no time trying to make the change, as he posted a tweet last night asking if users want an edit button for their Twitter missives. So far, 70% of respondents have voted "yes" to this update and that tweet has received more than 240.000 "likes".
No one knows for sure what Musk has planned for Dogecoin and Twitter, but as the largest shareholder, with 80 million Twitter followers and a seat on the board - he will have a say and influence over the future of the social media company in time. undetermined.