May 18, 2022

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Elon Musk joins Twitter's board, sparks 'important improvements'

Elon Musk joins Twitter’s board, sparks ‘important improvements’

Maja Hajjaj | Getty Images News | Getty Images

Elon Musk I will join Twitterboard after taking a 9.2% share In a social media company according to A The release has been filed with the Securities and Exchange Commission.

Shares are up more than 6% in pre-market trading.

“Through conversations with Elon in recent weeks, it has become clear to us that he will bring significant value to our Board of Directors,” CEO Parag Agrawal said in a tweet.

He added, “He is a passionate believer and fierce critic of service which is exactly what we need on Twitter and on the board of directors to make us stronger in the long run.”

Musk’s term is set to expire in 2024, according to the filing. For the entire term of its board of directors or after 90 days, the holder cannot be the beneficial owner of more than 14.9% of the company’s common stock.

Musk’s purchase comes after a bout of criticism of the social media company. frankness Tesla The CEO polled people on Twitter last month about whether he adheres to the principles of free speech. He added that he is considering building a new social media platform.

After he was appointed to the board, Musk joked on Tuesday that he would push for the amendments.

“I look forward to working with the Parag & Twitter board to make major improvements to Twitter in the coming months!” Musk said in a tweet.

Although Musk’s stake is the largest among outside shareholders, it is considered a negative interest, which often means that its owner is not trying to control or influence the company. However, some investors expected Musk to take a tough stance.

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Hours after revealing his ownership in the company, Musk took to Twitter to survey users On interest in the edit button. Agrawal retweeted the post, urging people to “vote carefully” because the consequences “will be significant”.

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