It's awesome that someone like the CEO of Twitter can be the commencement speaker at a major university. Possibly even 3 years ago, Twitter could have been dismissed as a trivial trend that nerds are using.
Unless you're living under a rock, Twitter is the 4th world largest Social Network and CEO os such a company is considered a major personality and it's usually an honor for Universities like Michigan to have them as a commencement speaker. 3 Years btw is a long time in internet entrepreneurship.