Elon Musk joining Twitter's board of directors; "significant improvements" incoming
A day after acquiring a passive stake of 9.2% in Twitter, Elon Musk is now set to join the company's board of directors. Twitter CEO Parag Agrawal has confirmed that the popular social media platform is appointing Musk, currently the world's richest person, to its board. On the backdrop of this development, shares of Twitter have surged 5% in premarket trading.
'Musk would bring great value to our Board'
"I'm excited to share that we're appointing Elon Musk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board," Agrawal said in a tweet. According to Twitter's filing with the SEC, Musk will serve as a Class 2 director and his term will expire in 2024.
Take a look Agrawal's tweets on Musk's entry into Board
Musk cannot hold more than 14.9% equity till board term
For his entire term as board of director and for 90 days thereafter, Musk will not, either alone or as a member of a group, own more than 14.9% of Twitter's common stock, according to the filing as seen by NewsBytes.
Significant improvements to Twitter in coming months: Musk
"He's (Musk) 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," Agrawal said in another tweet. In response, Musk, who is an avid Twitter user, tweeted: "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!"
You may soon be able to edit a tweet
Twitter's announcement of Musk joining its board of directors comes hours after the billionaire polled his 80 million followers if they want the option to edit their tweets after posting them—an idea Jack Dorsey, co-founder of Twitter, has been strictly against. Agrawal also quote-retweeted Musk's poll, noting that "The consequences of this poll will be important. Please vote carefully."
