Elon Musk appointed to Twitter board after $2.9 billion investment

  • Elon Musk is joining Twitter’s board of directors, the social media company announced on Tuesday.
  • The move comes days after news broke that Musk has taken a 9.2% stake in the company.
  • Twitter CEO Parag Agarwal said Musk would “bring great value to our board.”

Tesla and SpaceX CEO Elon Musk is joining Twitter’s board of directors, the social media company announced Tuesday morning.

“Through conversations with Elon over the past few weeks, it became clear to us that he would bring great value to our board,” Twitter CEO Parag Agrawal said in a tweet. Musk, meanwhile, noted he is “looking forward to working with Parag & Twitter board to make significant improvements to Twitter in the months to come!”

In a potential nod to these “improvements,” Musk tweeted out a poll Monday night asking his more than 80 million followers if they “want an edit button” on the service — a long-requested feature. which has become something of a joke among Twitter users.

Agrawal even took part in the poll, retweeting it from his account and adding “the consequences of this poll will be significant. Please vote with caution.”

Musk joins the board after disclosing a 9.2% stake in the social media company earlier this week. This investment made him Twitter’s largest shareholder virtually overnight.

Twitter detailed the terms of Musk’s appointment to the board in a regulatory filing.

He must begin serving as soon as bureaucratically possible (after a background check and other formalities), with a term expiring in 2024, he said. As part of the terms of his appointment, Musk is not permitted to “become the beneficial owner of more than 14.9% of the company’s common stock then outstanding” — that is, that while he sits on the board of directors and for 90 days afterwards, he is not authorized to take a stake in Twitter greater than 14.9%.

Musk is a longtime user of Twitter, where he often used his account to share memes, Tesla news, rude jokes and even to criticize Twitter itself. It also landed him in hot water.

Last week, for example, Musk said, “Given that Twitter serves as a de facto public square, failure to uphold the principles of free speech fundamentally undermines democracy. What should be done?” When a follower asked if Musk would ever create his own social media platform, he said he was “seriously considering” the concept.

And last year, when former Twitter CEO and co-founder Jack Dorsey stepped down — and current Twitter CEO Parag Agrawal stepped in — Musk illustrated his reaction with a meme comparing the new CEO to the Soviet dictator Joseph Stalin.

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