Elon Musk started his Twitter ownership journey the same way he starts everything else; breaking all the rules and doing things his way. Now Twitter’s biggest shareholder, he took to Twitter asking people a rather odd question, “Do you want an Edit button?” driving home the point by misspelling “yes” in one of the answers.
Elon Musk, the chief executive of Tesla (ticker: TSLA), purchased a 9.2% passive stake in the social-media giant, forcing the stock up nearly 27%.
Parag Agrawal, Chief executive of Twitter (ticker: TWTR), commented on Musk’s tweet, seemingly cautioning people to vote wisely, although some people claim that Twitter has for a while been working on a way for users to edit their postings.
Although most have come to know Musk as the billionaire who always gets what he wants, that might not necessarily be the case when it comes to his Twitter investment. Either way, it was absolutely expected that he would want to have some fun with his newest toy.
According to Cathie Wood, CEO of Ark Investment Management, which is the largest Tesla shareholder, Musk’s investment in the social media giant might be a strategic play with the intention of shaking up the management in the near future. Agrawal only recently took over Twitter after founder Jack Dorsey stepped down, leading to further speculation about Musk’s motives with this latest investment.
Neil Wilson at Markets.com had a similar take on Musk’s tweet regarding the seemingly harmless tweet. “No way is this passive,” he wrote in the note Tuesday.
Twitter shares were raising 2.8% to $51.38 in premarket trading Tuesday.