Twitter is set to appoint Tesla CEO Elon Musk to its board of directors after he acquired the largest share in the social media company.
Gatekeepers News had on Monday reported that Musk bought nearly 73.5 million shares which are 9.2 percent stake in Twitter’s shares.
Musk quadruped the shares of Twitter’s founder Jack Dorsey who owns 2.25 percent. Dorsey resigned as Twitter CEO in November after 15 years at the helm and holds shares in the social media company.
In a series of tweets on Tuesday, Twitter CEO Parag Agrawal confirmed Musk’s new role on the board.
“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
“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 tweeted.
Musk replied to the tweet, saying: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
Dorsey, the Twitter founder, expressed his happiness as Musk is joining the Twitter board.
“I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.
“Parag and Elon both lead with their hearts, and they will be an incredible team,” Dorsey tweeted.
According to a filing with the US Securities and Exchange Commission, Musk will serve as a Class II director until 2024. Twitter’s classified board system places members in overlapping terms, helping to prevent a newly-appointed board member from gaining control of the company right away.
“The Company will appoint Mr Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” the filing says.
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.
Parag and Elon both lead with their hearts, and they will be an incredible team. https://t.co/T4rWEJFAes
— jack⚡️ (@jack) April 5, 2022
