How Twitter appointing Elon Musk to board of directors impacts stocks
Stuart Varney, Susan Li and Bahnsen Group managing partner David Bahnsen discuss how Twitter announcing it’s appointing Tesla and SpaceX founder Elon Musk to its board is impacting the stock market.
The news that Tesla CEO Elon Musk would be joining Twitter's board of directors after becoming the platform's largest shareholder sparked immediate speculation over how much the billionaire tech entrepreneur might shake up the social media company – and how receptive the current board might be to having him on the team.
Elon Musk, chief executive officer of Tesla Inc., arrives at court during the SolarCity trial in Wilmington, Delaware, U.S., on Tuesday, July 13, 2021. (Photographer: Samuel Corum/Bloomberg via Getty Images / Getty Images)
But several existing board members either tweeted or retweeted comments welcoming Musk.
Twitter CEO Parag Agrawal led the way in announcing Musk's appointment, saying that "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."
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Ticker Security Last Change Change % TWTR TWITTER INC. 50.69 +0.76 +1.52%
Independent Twitter board chair and Salesforce co-CEO Bret Taylor followed, writing, "We are all excited to work with you and build the future of Twitter together."
Taylor's post was retweeted by fellow board members Mimi Alemayehou, senior vice president for public-private partnership at Mastercard; Martha Lane Fox, founder and chairperson of Lucky Voice Group; and Stanford University professor Dr. Fei-Fei Li.
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Twitter co-founder and former CEO Jack Dorsey also extended gracious remarks, tweeting, "I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it. Parag and Elon both lead with their hearts, and they will be an incredible team."
Omid Kordestani, a current member who previously served as executive chairman of the board, retweeted Agrawal's post and added, "Welcome @elonmusk!"
The remaining four Twitter board members did not issue immediate tweets in reaction to Musk joining the team, but none of them appeared as active on the platform as some of their colleagues. Former World Bank President Robert Zoellick, for instance, has no tweets at all.
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Representatives for Zoellick, Silver Lake co-CEO Egon Durban, and Invoia Capital general partner Patrick Pichette did not immediately respond to FOX Business' requests for comment. A representative for 1stdibs.com Inc. CEO David Rosenblatt declined to comment on Musk's appointment.
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