Tesla CEO Elon Musk became Twitter’s largest stakeholder with a 9.2 percent stake in the company earlier this week, and now the social media company’s CEO has detailed a specific role Musk will fill.
Musk has joined the Board of Directors at Twitter after becoming a stakeholder in the company, according to CNBC.
After the news, Twitter’s shares jumped by over 3 percent during morning trading hours on Tuesday.
Twitter CEO Parag Agrawal said, “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.” Agrawal continued, “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.”
Musk responded, “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
Musk’s term as a board member will last from now until 2024, according to a filing with the Securities and Exchange Commission (SEC).
During that time period and for an additional 90 days following, Musk can only be the beneficial owner of up to 14.9 percent of the company’s common stock.
Musk yesterday launched a Twitter poll asking users if they wanted an edit button or not. So far, 73% have voted yes.
Do you want an edit button?
— Elon Musk (@elonmusk) April 5, 2022
The move to become a stakeholder occurred weeks after Musk criticized Twitter’s upholding of free speech last month.
The news also comes just a week after Musk quoted rapper Eminem in a court filing opposing the SEC’s oversight of his Twitter.
Thanks Jack!
— Elon Musk (@elonmusk) April 5, 2022
