Elon Musk to Join Twitter's Board Day After Disclosing 9% Stake in Company
Elon Musk is joining Twitter's board of directors a day after disclosing that the Tesla CEO took a 9% stakein the social media platform.
Twitter Inc. said in a regulatory filing Tuesday that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting. Musk, either alone or as a member of a group, won't be allowed to own more than 14.9% of Twitter's outstanding stock for as long as he's a board member and for 90 days after.
Twitter CEO Parag Agrawal said in a tweetthat the company had been talking to Musk in recent weeks and “it became clear to us that he would bring great value to our Board."
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