Elon Musk will be 'big problem' for the left: Market analyst

Markets analyst Scott Shellady, also known as "The Cow Guy," weighed in on Twitter appointing Elon Musk to its board, arguing that the move will be a "big problem" for the left because the Tesla and SpaceX founder "speaks the truth."

"He is going to try to champion free speech," Shellady argued on "Varney & Co." on Tuesday. 

"Just think what Twitter did during the Hunter Biden laptop story, think about what Twitter has done shutting off our own president and letting other dictators that are killing people around the world on Twitter."

Twitter continued its climb Tuesday, rising another 6% after Musk was named to the company's board. Shares soared 27% during Monday's trading session, rallying on Musk's disclosure of a 9.2% stake in the company, making him Twitter's largest shareholder. 

CONSERVATIVES CELEBRATE MUSK'S TWITTER STAKE AS ‘WIN’ FOR FREE SPEECH: ‘HEROIC AND PUBLIC SERVING’ 

Ticker	Security	Last	Change	Change %
TWTR	NO DATA AVAILABLE	-	-	-

Twitter CEO Parag Agrawal tweeted the announcement Tuesday, writing that "Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board." 

"He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!" he added. 

Responding to Agrawal's tweet, Musk wrote, "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!" 

Twitter Inc. said in a Tuesday SEC filing that the company entered into an agreement with Musk Monday that he will be appointed to the Board of Directors with a term expiring at its 2024 annual meeting of stockholders. Per the agreement, Musk cannot, either alone or as a member of a group, own more than 14.9% of the company’s common stock while serving as a member of the board and for 90 days after.

Host Stuart Varney asked Shellady on Tuesday whether he believes Musk will have the clout to "make serious change" at Twitter. 

Shellady responded by noting that Musk is sending people to space and "absolutely has the clout to do that." 

He then warned of a potential "problem" arising with respect to the billionaires' potential to get others on board to inspire change within the social media company. 

"I can’t believe that we let the left, with the social media that they are in control of 100%, control what we can say in this country," Shellady told Varney, stressing that "it’s all about free speech when it comes to social media."

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Shellady stressed that Democrats "are the ones now who control" social media and argued that Musk is "trying to go in there because he speaks the truth." 

"He’s the one that has been advocating for more oil even though he has got an electric car company, so maybe he’s the guy that can get this done," he continued. "I hope he is, but right now it’s a not fair playing field, at all whatsoever." 

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FOX Business’ Danielle Wallace, Lucas Manfredi and The Associated Press contributed to this report.