On Monday, Twitter said in a filing that Musk had bought 9.2% of its shares. The news came as somewhat of a surprise, after Musk had tweeted multiple times in recent weeks criticizing the company’s policies and mulling whether a new social media platform was needed.
After climbing more than 27% Monday on the news of Musk’s stock purchase, Twitter shares gained another 5% Tuesday morning.
Twitter has become an important part of Musk’s personal brand. He has used the site to connect with his legions of fans and to opine on everything from Tesla’s stock price to current events. But his presence on the platform has also landed him in hot water, including when tweets about potentially taking Tesla private resulted in a lawsuit from the Securities and Exchange Commission and a settlement requiring him to have certain tweets about the company pre-reviewed.
“It’s time to get out the popcorn and watch the developments over the coming months with Musk on the Board,” Wedbush analyst Dan Ives said in an investor note Tuesday. He added that Musk joining the board could “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.”
Twitter spokesperson Adrian Zamora on Tuesday noted that even once he’s on the board, Musk will still be subject to its rules and community guidelines, and he won’t have a direct role in setting its policies.
“Twitter is committed to impartiality in the development and enforcement of its policies and rules,” Zamora said in a statement provided to CNN Business. “Our policy decisions are not determined by the Board or shareholders. As always our Board plays an important advisory and feedback role across the entirety of our service. Our day to day operations and decisions are made by Twitter management and employees.”
Read More: Elon Musk to join Twitter’s board