Elon Musk has joined the board of directors of Twitter, having recently purchased significant shares in the company. Twitter’s CEO, Parag Agarwal, was the first to break the news with a tweet.
Elon Musk has purchased 73.5 million shares in Twitter, representing a 9.2% ownership, showcasing his interest and passion for the microblogging platform. Elon was appointed to the board because he is a “passionate believer and severe critic of the service,” according to Parag. In return, Musk showed his gratitude and promised significant improvements to the platform in the coming months.
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!
— Parag Agrawal (@paraga) April 5, 2022
According to a filing with the Securities and Exchange Commission, Musk’s tenure will end in 2024. Musk cannot be the beneficial owner of more than 14.9% of the company’s outstanding common shares for the duration of his board term or for 90 days afterward.