By Akriti Rana and Nimish Dubey
It was perhaps the biggest move we have seen on the corporate side of the tech industry for a while.One that polarised opinions very sharply.When it was announced that Elon Musk had taken a 9.2 per cent stake in the microblogging service Twitter, making him its biggest shareholder, the tech world was split into two camps.There were those who felt that the SpaceX founder’s dynamism and charisma were exactly what the social network needed.And then there were those who felt that Musk was perhaps the worst thing that could have happened to a social network that was already in the weeds for promoting false information and negativity.
More than a week after Musk bought Twitter stake, it is not really clear as to what his impact would be.
As this is being written, there even seems to be a bit of confusion over Musk’s role in Twitter.The eccentric billionaire has refused a seat on Twitter’s board of directors, after having initially seemed to accept it.Twitter CEO Parag Agarwal had tweeted about appointing Musk to the board, and Musk had responded by tweeting that he was “Looking forward to working with Parag and the Twitter board”.He, however, seems to have changed his mind since then and now insists on being just an investor.
That move has sent alarm bells ringing in Twitter because had Musk joined the board, that would have restricted him from picking up a larger share in the company.Now that he has decided not to be on the board , he can increase his stake and given his resources and ambition, he could even take a controlling stake in the social media company.
Which brings us back to the question of whether a person like Musk is good or bad for the already struggling social network.
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How Will Musk Impact Twitter? There is no denying that Musk, with his charisma and outspokenness, definitely adds a new dimension to Twitter.
Unlike many of the leaders in the tech world, Musk does not pull his punches and is seen as a person who makes things happen.He is definitely not the type that makes vision statements and then does not follow them up.If anything, he is likely to do something first and then talk about it.He could bring a lot of energy and change to the Twitter stakeholder community, which has been largely seen as passive.
This penchant for ruffling feathers and for changing things was visible within days of Musk’s picking up a stake in Twitter.Never one to shy away from Tweeting what is on his mind, the Tesla and SpaceX CEO started tweeting about possible changes to Twitter.
These included the addition of an ‘edit’ button , something that has been discussed for a while.
He also raised issues about freedom of speech and about adding new features to Twitter’s Blue service, including giving users a Blue Tick, and the option to remove ads altogether for certain subscribers.
While some were alarmed by the ease with which Musk proposed new features for Twitter, and did so publicly from his well-followed Twitter account with more than 80 million followers, others felt that this was just the kind of kick in the seat of the trousers that the network needed.
Twitter is a bit like a very chaotic democracy right now, susceptible to being manipulated by those with financial muscle.The network is a powerful platform for expressing opinions, but is increasingly being perceived as toxic and unreliable, mainly because many are learning to “game” the system in their favour.The network has also taken a lot of flak for not being as sensitive and responsive to abusive content posted on it.
Which is why many feel that someone as forthright and direct as Elon Musk is just what the network needs — someone who does stuff, and tackles issues head-on instead of just going with the flow, as Twitter’s current management is seen to be doing.He would make a great and very visible spokesperson, one who does not shy away from taking tough questions, and is great at presentations.
But with Musk’s penchant for action and publicity comes great eccentricity.
The billionaire has been known to go on Twitter rants, and given his absolute lack of tact (he accused a diver who rescued trapped children of being a paedophile), the man could wreak havoc with just a few tweets.Signs of this have already been evident during Musk’s tenure at Twitter, with his tweeting queries as to whether Twitter is dying, his tendency to suddenly tweet vague emojis and even a suggestion that Twitter remove the “w” from its name.He is also known for being incredibly aggressive and for being less than polite, which can make him a difficult person to work with.Some Twitter workers have already said that stress levels had gone up ever since news of Musk becoming a major investor in Twitter had come in.
ALSO READ | Elon Musk Posts ‘Mute’ Emoji Minutes After Twitter CEO Says ‘Tune Out The Noise’.
Twitter Abuzz With Speculations
Just Like Twitter There is also the fear that with his larger-than-life persona, Musk could actually hijack Twitter’s agenda, and turn it into something for his own interests.Unlike many celebrity CEOs, Musk tweets very frequently.And his tweets have had a wide-ranging impact, even when he had no stake in Twitter.After all, this is the man who literally changes the value of crypto currencies like Dogecoin with a few tweets.The fact that he has interests other than Twitter, including SpaceX and Tesla, has made some wonder whether he would use his position at Twitter to promote them and perhaps even take potshots at competitors.
The manner in which the stock market responded to Musk’s decision to refuse a seat on the Twitter board reflects the impact he could have on the social network.Twitter’s stock price fell 8 per cent to under USD 43 when Parag Agarwal tweeted that Musk would not be joining the board, but then recovered and actually ended the day 1.7 per cent higher at USD 47.
A better summary of the Elon Musk effect would be difficult to find.
Elon Musk is well and truly in the Twitter house now.And going by his track record, he is unlikely to be a passive investor.In fact, there is even a school of thought that believes that Musk might increase his stake and try to become Twitter CEO in the coming days.That might sound outrageous to some, but would be just the kind of unpredictable thing that Musk revels in doing.Whether he turns out to be Dr Jekyll or Mr Hyde for Twitter will be only revealed in the coming days.This is Elon Musk, after all, a man capable of the sublime and the ridiculous.
Just like Twitter.
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