Twitter will appoint Tesla CEO Elon Musk to its Board of Directors to serve as a term expiring at the social media company’s 2024 annual meeting of stockholders.
As long as Musk is serving on the board, and for 90 days after, he will not be able to own more than 14.9 percent of Twitter’s stock, according to the filing, the company said in a Securities and Exchange Commission (SEC) filing.
The move comes after Musk revealed he acquired a 9.2 percent stake in Twitter, making Musk the largest outside shareholder.
After the news was revealed Monday, Twitter shares rose more than 20 percent.
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JUST IN: Twitter to appoint Elon Musk to board of directors https://t.co/5xmw2GHCV6 pic.twitter.com/8GbMu0yNSa
— The Hill (@thehill) April 5, 2022
Two months ago Elon Musk tweeted a meme showing a picture of Hitler with the words “Stop comparing me to Justin Trudeau.” Today, he joins the company’s board.
— Sam Stein (@samstein) April 5, 2022
really, what could go wrong https://t.co/kaZcykgPTr
— Tom Nichols (@RadioFreeTom) April 5, 2022
OPINION: Elon Musk purchased a 9.2% share in Twitter for $2.9 billion, making him the company’s largest shareholder. Why would the world’s richest person do that?
Owning big media conveys status upon him that's beyond money. https://t.co/KLKfwkE2ab
— POLITICO Magazine (@POLITICOMag) April 4, 2022
"Musk’s version of free speech, in practice, seems to be one in which only powerful people can say what they please and escape any negative consequences." – @marinakoren https://t.co/HqCGR2sZZE
— Tom Nichols (@RadioFreeTom) April 5, 2022
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
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