Elon Musk Has Been Appointed To The Board Of Twitter

Twitter Inc said in a regulatory filing on Tuesday its top shareholder and Tesla boss Elon Musk will be appointed to the company’s board.

On Monday, Twitter said that it had reached an arrangement with Musk to grant the billionaire a seat on its board of directors, with the term ending at the company’s 2024 annual shareholders meeting.

Elon Musk will not be allowed to own more than 14.9% of Twitter’s outstanding stock

Either alone or as part of a group, for as long as he is a board member and for the next 90 days.

Elon Musk announced a 9.2 percent investment in Twitter Inc, worth about $3 billion, earlier on Monday, making him the microblogging site’s largest stakeholder and causing the stock to climb more than 27%.

After Musk’s purchase was revealed, Twitter’s stock jumped as high as 27%. The advance was the stock’s largest intraday gain since its first day of trading following its initial public offering in 2013. Based on Friday’s market closing, the share is worth around $2.89 billion.

He also opened a poll asking Twitter users if they want an edit button, which has been a long-awaited feature for the social networking platform. Following that, Chief Executive Officer Parag Agrawal urged users to “vote carefully.”

More than 1.2 million people voted in less than three hours, with over 75 percent of them supporting an edit option.

Elon Musk, 50, also polled his more than 80 million Twitter followers last month, asking if the company adheres to free speech ideals.

He inquired if a new platform was needed after more than 70% responded no, and stated he was seriously considering launching his own.

Since joining Twitter in 2009, Musk has amassed over 80 million followers and has used the network to make various announcements, including dangling a Tesla go-private transaction that got him in hot water with authorities.

However, in recent months, the world’s wealthiest person has been critical of the social media platform and its practices, and recently conducted a Twitter survey asking users if they believe the network adheres to the idea of free expression, to which more than 70% of respondents said “no.”

In December, Musk put out a meme that compared CEO Agrawal with Soviet dictator Joseph Stalin and showed Jack Dorsey as a close associate who was later on executed.

Even as it pursues huge projects like audio chat rooms and newsletters to address long-running stagnation, Twitter’s recent quarterly results and lower-than-expected user additions have prompted worries about its growth prospects.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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