Twitter Inc announced on Tuesday that major shareholder and Tesla founder Elon Musk will be named one of the directors. Musk will join Twitter’s board after unveiling a significant stake in the social media platform.
On Monday, the billionaire unveiled a 9.2% stake in the social media company. Musk will become a second-level director, whose term ends at Twitter’s 2024 general meeting of shareholders.
Twitter shares are up 6% in pre-open trading after gaining more than 27% on Monday.
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| Elon Musk’s Twitter survey of the edit button received responses from CEO Parag Agrawal
AGM 2024.
Musk, alone or as part of a group, may not own more than 14.9% of Twitter’s outstanding shares while on the Board of Directors and for 90 days thereafter.
Welcome to Musk, Twitter CEO Parag Agrawal said: “We are delighted to appoint @elonmusk to the Board of Directors! From conversations with Elon in recent weeks, it has become clear that he will be a huge help to our Congress.”
To this Musk replied, “We look forward to working with the Parag & Twitter Board of Directors to significantly improve Twitter over the next few months!”
Elon Musk to join Twitter’s board of directors after acquiring 9.2% Stake
