Twitter Appoints Top Shareholder Musk To Its Board Day After Tesla CEO Discloses 9.2% Stake in Co

Twitter Inc on Tuesday said it is appointing its top shareholder and Tesla CEO Elon Musk to its board, a day after the billionaire disclosed his 9.2 per cent stake in the microblogging site. Musk will serve as a Class II director, with the term expiring at Twitter’s 2024 annual meeting of stockholders.

Twitter CEO said in a tweet, “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.”

He added that Musk is 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!”

In the reply to the Musk tweet, Elon Musk said, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

Twitter shares surged 6% in trading before the opening bell, after closing up over 27% on Monday.

On Monday, Tesla and SpaceX CEO Elon Musk disclosed his passive stake of 9.2 per cent in the micro blogging platform, according to a US SEC (Securities and Exchange Commission) filing on Monday. In the filing, Twitter Inc also disclosed that Elon Musk owns Twitter shares numbering to 73,486,938 as shares of common stock in his personal capacity.

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