Elon Musk is the Newest Twitter Shareholder, and Workers Are Not Happy

Sophie Webster, Tech Times 07 April 2022, 01:04 pm

Tesla's CEO and billionaire Elon Musk is the latest board member of the social media platform Twitter, but employees are not as ecstatic with the news as expected, as they are now worried about how the platform can moderate the content.

Elon Musk is Twitter's Latest Shareholder

According to Reuters, just hours after the surprise disclosure that Musk, a self-described "free speech absolutist," acquired enough shares to become the top Twitter shareholder, political conservatives started flooding the social media with calls for the return of the former US President Donald Trump.

The former US president was banned from Twitter and Facebook immediately after the Jan. 6 Capitol riot. This is due to concerns around incitement of violence.

Despite Twitter's reiteration that the board does not make policy decisions, four Twitter employees who spoke with Reuters stated that they are worried about Musk's ability to influence the company's policies on abusive users and harmful content.

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With Musk now on the board, the employees said that his views on moderation could weaken the platform's efforts to promote healthy discourse, and it might again allow trolling and mob attacks to flourish.

In the wake of Trump's ban from Twitter and Facebook, Musk tweeted that thousands of people would be unhappy with US tech companies acting as the "de factor arbiter of free speech."

Musk's Intentions

Musk has not articulated what he wants to do as a new board member of Twitter, but he has telegraphed his intentions with his online activity.

Just a week after Musk disclosed a 9.1% stake in Twitter, he polled his 80 million followers on whether the site adhered to the principle of free speech and the majority of his followers voted no.

The Twitter employees, who asked not to be named for fear of retribution, point to Musk's history of using the platform to attack his critics.

In 2018, Musk came under fire for accusing a British diver who had helped rescue dozens of children trapped in a cave in Thailand of being a pedophile.

In 2019, the billionaire won the defamation case filed by the British diver.

A Twitter spokesperson repeated a statement from Apr. 5 that the board plays an important advisory and feedback role across the entirety of their service, but the platform's management and employees make daily operations and decisions.

Musk Broke the Law When Buying Shares

According to the New York Post, Musk may have violated federal law by not notifying the SEC that he was purchasing shares of Twitter.

SEC regulations required the billionaire to notify the market when his stake in the social media company had surpassed the 5% threshold. It is a delay that reportedly netted Musk a profit of $165 million, according to The Washington Post.

Musk shocked the world when on Apr. 4, he acquired a 9% stake in Twitter, making him the company's top shareholder.

Musk's investment in Twitter had reached 5% on Mar. 14, but the markets were not told of his acquisitions until Apr. 4, when disclosure forms were made public.

By not notifying the investors, Musk kept the stock price low as he continued to purchase shares.