Image: The Street
Elon Musk joined the board of directors of Twitter after he acquired a 9.2% stake in Twitter and became the largest shareholder. Twitter CEO Parag Agrawal said Musk will bring great value to the social network's board of directors.
The day after it became known that Elon Musk had acquired a large stake in Twitter, it was announced that the CEO of Tesla and SpaceX was invited to the board of directors of the social network. On April 5, Twitter CEO Parag Agrawal announced in a tweet that Musk would be appointed to the company's board of directors.
"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 said he looks forward to making "significant improvements" to Twitter in the coming months. The head of Tesla acquired a 9.2% stake in the social network, making him the largest shareholder. The purchase of a package of 73,486,938 shares took place on March 14, while the stake is estimated at approximately $2.9 billion. Shares of Twitter rose significantly in value after the news.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!— Elon Musk (@elonmusk) April 5, 2022
According to a regulatory filing with the Securities and Exchange Commission, Musk will serve on the board of directors for two years. During this time, he cannot own more than 14.9% of the company's shares.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.