The Daily Times Newspaper

Twitter Takes Elon Musk on Board After Purchase of Stake

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Social media company Twitter has made a place for Tesla CEO Elon Musk on the board. The company announced this a day after it became clear that Musk had taken a 9.2 percent stake in Twitter.

 

This makes Musk the largest shareholder of the messaging service, where he is a significant user.

Musk’s stock purchase was made clear from documents filed with the US stock watchdog SEC earlier this week. Twitter CEO Parag Agrawal now announces that Musk will become a director. “From conversations over the past few weeks, he became clear that he would be an added value to our board,” he wrote on Twitter.

“He is a passionate fan of an intense critic of our service, and that is exactly what it takes on Twitter and in the boardroom to make us stronger in the long run.”

Twitter also states that Musk will not expand his stake to more than 14.9 percent as long as he is a board member. His term runs through 2024.

Musk reacts fully of ambition to Agrawal’s tweets. “I look forward to working with Parag and the board of Twitter to make significant improvements in the coming months.”

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