Elon Musk has been appointed to the Twitter board after becoming the majority shareholder of social media network. Musk will join the board as a Class II director.
Musk, the billionaire founder of Tesla, acquired a 9.2% stake (73,486,938 shares) in Twitter. The shares are reportedly worth $2.89 billion.
One of Musk’s immediate actions as the leading shareholder was a yes or no poll on whether to introduce an edit button or not.
Interestingly, Twitter’s CEO Paraga Agrawal quoted the post and said: “The consequences of this poll will be important. Please vote carefully.”
Announcing Musk’s appointment added to the board of directors, Agrawal said: “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!”
Mr Musk responded: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
His stake is considered a passive investment which signals he has no demands on a larger slice of the company – although analysts have cautioned it could ultimately lead to Musk becoming more involved with the running of the business.
