Just a day after Tesla CEO Elon Musk declared that he had bought a 9.2% stake in Twitter, the company has announced that it is appointing the billionaire to its board of directors. Musk will serve as a Class II director until 2024.
Twitter CEO Parag Agrawal confirmed Musk’s appointment and called him “both a passionate believer and intense critic of the service”. Musk then responded by saying that he can’t wait to make significant improvements in the coming months.
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.
— Parag Agrawal (@paraga) April 5, 2022
Jack Dorsey, the former CEO of Twitter, said he was happy that Musk is joining the board as “he cares deeply about our world and Twitter’s role in it,”. According to a filing with the US Securities and Exchange Commission, Musk is not able to hold more than 14.9% of Twitter’s common stock during his tenure as a board member as well as 90 days after that which in a way, seems like an anti-takeover measure.
Shortly after the news came out that Elon Musk had become the social media platform’s single largest shareholder, the Tesla CEO held a poll asking his more than 80 million followers if they wanted an “edit” button on the site. Agrawal replied to the tweet with “The consequences of this poll will be important. Please vote carefully,” implying that the long-coveted button might actually come to fruition.
(Source: Parag Agrawal/Twitter)
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