Elon Musk Appointed to Twitter's Board of Directors One Day After Buying 9.2% of Company

Elon Musk Appointed to Twitter's Board of Directors One Day After Buying 9.2% of Company

Tesla and Space X founder and CEO Elon Musk was appointed to Twitter’s board of directors following the billionaire’s purchasing of over 9 percent of Twitter shares, making him the largest shareholder at the company.

“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,” wrote Twitter CEO Parag Agrawal in a tweet.

In a response to Agrawal, Musk tweeted that he is “looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

MarketWatch said in a tweet that Musk’s term on the board will expire in 2024: “Elon Musk has been named a board director of Twitter with a term that will expire in 2024, the company announced. $TWTR was up about 9% in premarket trading after shares surged 27.1% in Monday’s session.”

On Monday, Musk became the largest shareholder in Twitter, following a filing with the Security and Exchange Commission that revealed that he holds 9.2 percent stake in the social media giant.

Musk had been foreshadowing his purchase for some time. In a March 25 poll, Musk said in a tweet: “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”

“The consequences of this poll will be important. Please vote carefully,” with over 70 percent of respondents answering No, and just under 30 percent answering yes. Over two million people answered the poll.

In a tweet response to Pranay Pathole, Musk revealed that he was giving “serious thought” to building a new social media platform.


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