Tesla founder Elon Musk will be appointed as one of the board directors of the micro blogging and social networking site Twitter. The company said on Tuesday that Elon will join the board after he revealed a massive stake in the media platform.
The billionaire on Monday disclosed that he holds a 9.2 per cent stake in the social media company and will serve as a Class II director on the Twitter board. His will expire at the annual meet of stockholders of 2024.
Indian origin Twitter Chief Executive Officer Parag Agarwal welcomed Elon in a tweet saying, “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.— Parag Agrawal (@paraga) April 5, 2022
Replying to that Musk said, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
Shares of Twitter surged 6 per cent in trading before the opening bell, and closed over 27 per cent on Monday. In a regulatory filing Twitter said that it signed an agreement with Musk on Monday that they will give him a seat on its board till 2024.
They further said that Musk either alone or as a member of a group won’t be allowed to own more than 14.9 per cent of Twitter’s outstanding stock as long as he is a board member.
Musk is quite active on Twitter, who had put out a tweet asking users if they believe that the social media platform adheres to the principle of free speech. He has been vocal of the platform and its policies saying that the company is undermining democracy by failing to adhere principles.
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