Elon Musk continues to influence the shares of Twitter. The world’s richest man feels confined within his own companies and makes shareholders of other companies troubled. Recently, Twitter was affected the most by Musk's behavior. In early April, Musk announced he had bought a large stake in the social media company. Twitter shares responded with an instant considerable increase. However, that rally was short-lived. A few days later, the Tesla and SpaceX CEO disclosed that he was Twitter’s biggest shareholder. Musk decided he would not be taking the board seat. As a result, Twitter stock plummeted by 7%. Twitter CEO Parag Agrawal confirmed that Musk abandoned his decision to join the board of directors and the social network's stock tumbled to $42.7 a share but closed up at $45.5. Parag Agrawal flagged that Elon Musk remained the largest shareholder of Twitter. “We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders was the best path forward,” he wrote. Musk bought 9.2% of Twitter shares for $2.89 billion. This led the company's stock to rise by 26% to $49.25 a share.
