July 5, 2022

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Elon Musk joins Twitter board, teases ‘significant enhancements’

Maja Hitij | Getty Photos Information | Getty Photos

Elon Musk will be part of Twitter’s board after taking a 9.2% stake within the social media firm, in line with a press release filed with the SEC.

The shares rose greater than 6% in premarket buying and selling.

“By way of conversations with Elon over the previous few weeks, it has change into clear to us that he’ll carry nice worth to our board,” CEO Parag Agrawal mentioned in a tweet.

“He’s each a passionate believer and an intense critic of the service, which is precisely what we’d like on Twitter and within the boardroom to make us stronger in the long term,” he added.

Musk’s time period is about to run out in 2024, in line with the submitting. All through his tenure on the board or 90 days thereafter, Musk can’t be the helpful proprietor of greater than 14.9% of the corporate’s excellent widespread inventory.

Musk’s buy comes after a interval of criticism from the social media firm. The outspoken Tesla CEO polled individuals on Twitter final month about whether or not he upholds free speech ideas. He added that he was contemplating creating a brand new social media platform.

After being named to the board, Musk teased on Tuesday that he would push for changes.

“Trying ahead to working with Parag & Twitter board to make vital enhancements to Twitter within the coming months!” Musk mentioned in a tweet.

Musk’s stake, whereas the most important amongst exterior shareholders, is taken into account a passive curiosity, which regularly means the holder will not be attempting to manage or affect the corporate. Nonetheless, some buyers anticipated Musk to take an aggressive stance.

Hours after his stake within the firm was revealed, Musk took to Twitter to ask customers about their curiosity in an edit button. Agrawal retweeted the put up, urging individuals to “vote rigorously” as the implications “shall be vital”.

That is breaking information. Please verify for updates.