Elon Musk will join Twitter’s board of directors after buying a 9.2 percent stake in the social media company and becoming its largest shareholder.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Twitter CEO Parag Agrawal said in a tweet.
Musk will serve as a Class II director on the board until 2024, according to a filing with the Securities and Exchange Commission (SEC). He cannot be the beneficial owner of more than 14.9 percent of the company’s common stock for the duration of his term.
On Monday, an SEC filing revealed that the Tesla owner had purchased nearly $3 billion worth of stake in the social media platform where he has over 80 million followers.
Musk had also expressed to his Twitter followers an interest in creating a rival social media platform.
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