As a new board member, “Musk is in a position to influence Twitter’s potential beyond news and live events, and could help draw younger users,” said Mandeep Singh, an analyst at Bloomberg Intelligence. “Though the edit button and removal of bots are some features that Musk has openly advocated for recently, we think board and management changes are likely in the next six months if the company continues to underperform peers.
Twitter CEO Parag Agrawal said he’s “excited” about appointing Musk to the board. “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term,” he wrote in a tweet.to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
“This was a friendly move by the Twitter board to embrace Musk with open arms as clearly a passive stake is just the start of his involvement in Twitter,” Dan Ives, an analyst at Wedbush Securities, wrote in a note to investors. “Musk joining Twitter will lead to a host of strategic initiatives which could include a range of near-term and long-term possibilities out of the gates for the company still struggling in a social media arms race.
Musk made clear his feelings about crypto spam bots a few hours after posting the edit button poll, calling them “the single most annoying problem on Twitter.” It’s an issue he’s lamented on the site previously. Twitter and other social media platforms have become inundated in recent years with bots seeking to defraud holders of cryptocurrencies through various schemes.