Elon Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform.
FILE - Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. Musk is joining Twitters board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform. Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday, April 4, that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
Musk is barred from owning more than 14.9% of Twitter’s outstanding stock while he sits on the board, Twitter Inc. said in a Tuesday regulatory filing.tweet“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," Agrawal wrote.
Twitter's board will have 12 members with Musk. Jack Dorsey stepped down as CEO of Twitter last and his term on the board expires at an upcoming stockholders’ meeting on May 25. Three other board members have terms that are set to expire but have been nominated to retain their seats.Tuesday that Musk and Agrawal “both lead with their hearts, and they will be an incredible team.
After amassing 73.5 million Twitter shares worth a total of about $3 billion, Musk has not spoken specifically about any Twitter rule changes he might push.” to creating his own social media platform.
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