Twitter’s CEO announced that Elon Musk has been appointed to the company’s board of directors. This development comes after the billionaire purchased approximately a 9.2% interest in the microblogging website.
In a tweet on April 5, Twitter CEO Parag Agrawal announces Tesla CEO Elon Musk’s appointment to the board of directors, agreeing to provide enormous value to the board. Musk will serve as a Class II director until 2024 in his new role.
“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.”
According to a filing with the US Securities and Exchange Commission (SEC), Elon Musk will not seek more than 14.9 percent ownership in Twitter during his stay on the board of directors and for the first 90 days following his departure.
Twitter CEO Parag Agrawal commented on Elon Musk’s intensity and critical personality, saying:
“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!”
Despite his ongoing displeasure with Twitter’s lack of free expression, Elon Musk just purchased a 9.2% interest in the company.
Musk also canvassed on installing an edit button on Twitter after purchasing a majority ownership. Twitter users have complained about the lack of a “edit” tool. More than a million people voted for an edit option in just a few hours.
On Tuesday, Twitter’s stock price rose 5% in pre-market trade to near $52. Furthermore, the Dogecoin (DOGE) price has increased by 4% in the previous hour, with the current price trading at $0.15 at the time of writing.
