Twitter’s next board meeting will be a little different if the new shareholder’s social media posts are to be believed.
Last week, billionaire Elon Musk announced that he had built a 9.2 percent stake in the social media company, making him the largest shareholder.
Some reports say the Tesla and SpaceX CEO’s stake in the social media company is worth as much as $3.7 billion.
Musk, who was appointed to Twitter’s board of directors and never shies away from controversy, has been actively tweeting about his investment.
The entrepreneur is aiming for an active role at the tech giant.
Tweets from Musk’s account included a picture of him smoking what appears to be weed during an interview Joe Rogan Podcast captioned “Twitter’s next board meeting will be lit.”
He also tweeted about the launch of an edit button for the social media site.
Where Musk goes, many investors follow.
Following the announcement of the disclosure, individual investors helped boost record trading volume for Twitter on Monday, with more than 260 million shares changing hands.
According to Barron’s, Twitter stock rose 27 percent last Monday and extended gains on Tuesday, gaining 4 percent to $52.
Since then the price has leveled off a bit.
At the time of writing, Twitter shares are hovering around the $48 mark on the New York Stock Exchange.
While many celebrated the news of Musk’s move, some analysts expressed caution, according to Barron’s.
Bank of America’s Justin Post said Musk likely has an agenda for change on Twitter.
This is both an opportunity and a risk, as significant changes could lead to more regulatory scrutiny and drive advertisers away.
Regardless, he rated it a Buy with a price target of $54.
https://www.independent.ie/business/billionaire-elon-musk-grabbed-headlines-last-week-after-becoming-twitters-largest-shareholder-41533606.html Billionaire Elon Musk made headlines last week after becoming Twitter’s largest shareholder