Twitter Appoints Elon Musk to Board of Directors, Tesla CEO Promises Big Changes
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Twitter announced on Tuesday that it has appointed Tesla CEO Elon Musk to its board of directors, though he cannot own more than 14.9 percent of the company.
The move comes one day after Musk purchased a 9.2 percent stake, or around 73.5 million shares worth $2.9 billion, on Monday. This made his Twitter’s largest shareholder.
“For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9 [percent] of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions,” according to a Securities and Exchange Commission report.
“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,” tweeted Twitter CEO Parag Agrawal. “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. Welcome Elon!”
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. Welcome Elon!
— Parag Agrawal (@paraga) April 5, 2022
Musk tweeted in a reply to Agrawal, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
