Twitter will appoint Tesla CEO Elon Musk to its board of directors following the disclosure that the billionaire entrepreneur has bought a 9.2% stake in the social-media platform.
The buy was reported Monday before U.S.-based stock markets opened and the same day Twitter filed a notice with the Securities and Exchange Commission about its intentions to appoint Musk to its board.
Musk will be appointed to the board as a class two director. His term will expire at the company’s 2024 annual meeting.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
His 9.2% purchase instantly made Musk the largest shareholder of the company, owning 73.5 million shares of Twitter.
Following his announcement Monday, Musk – perhaps in jest – polled his followers on the platform about whether they want an edit button.
Musk’s announcement triggered a rise of more than 27% in the company’s shares.
**By Sophie Mann
Musk does a good job of hiding his energy. Looking forward to see which side he is on. Seems to be waiting to see who will win, but that seems silly as the LIGHT has already won.