Elon Musk appointed to Twitter board after $2.9 billion investment

  • Elon Musk is joining Twitter’s board of directors, the social media company announced on Tuesday.
  • The move comes days after news that Musk took a 9.2% stake in the company.
  • Twitter CEO Parag Agarwal said Musk “would bring great value to our board.”

Tesla and SpaceX CEO Elon Musk is joining Twitter’s board of directors, the social media company announced Tuesday morning.

“Through discussions with Elon over the past few weeks, we have realized that he will bring great value to our board,” said Twitter CEO Parag Agrawal in a tweet. Musk, on the other hand called he “looks forward to working with Parag & Twitter Board to make significant improvements to Twitter over the coming months!”

In a possible nod to these “improvements,” Musk tweeted a poll Monday night asking his more than 80 million followers if they would like “an edit button” on the service — a long-awaited feature that’s becoming one among Twitter users Kind of an inside joke.

Agrawal even took part in the poll, tweeting it from his account and adding: “The consequences of this poll will be important. Please vote carefully.”

Musk joins the board after announcing a 9.2% stake in the social media company earlier this week. The investment made him Twitter’s largest shareholder practically overnight.

Twitter detailed the terms of Musk’s appointment to the board in a regulatory filing.

He is due to start as soon as bureaucratically possible (after a background check and other formalities), with his term ending in 2024, it said. As part of the terms of his appointment, Musk may not “become a beneficial owner of more than 14.9% of the Company’s then outstanding common stock” — that is, while serving on the board and 90 days thereafter, he may not serve more than 14, 9% stake in Twitter.

Musk is a longtime Twitter user, where he’s often used his account to share memes, Tesla news, rude jokes, and even criticize Twitter itself. It also landed him in hot water.

For example, last week Musk said, “Given that Twitter serves as a de facto public marketplace, failure to uphold the principles of free speech fundamentally undermines democracy. What should be done?” When a follower asked if Musk would ever create his own social media platform, he said he was “seriously considering the concept.”

And last year, when former Twitter CEO and co-founder Jack Dorsey resigned — and current Twitter CEO Parag Agrawal stepped in — Musk illustrated his reaction with a meme comparing the new CEO to Soviet dictator Joseph Stalin.

Do you have a tip? Email Insider Senior Correspondent Ben Gilbert (bgilbert@insider.com) or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to contact. PR pitches by email only please.

Leave a Reply

Your email address will not be published.