Musk to join Twitter (TWTR) board after becoming its biggest shareholder

April 05, 2022 01:45 PM PDT | By Team Kalkine Media

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Musk to join Twitter (TWTR) board after becoming its biggest shareholder — Image source: © Aprescindere | Megapixl.com

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Highlights:

Elon Musk will join Twitter’s board of directors after becoming the biggest shareholder with a 9.2% stake.

Twitter shares rallied more than 2% in the afternoon as the news broke.

Musk “would bring great value to our board”, CEO Parag Agrawal tweeted.

A day after becoming the biggest shareholder of Twitter (TWTR) by scooping a 9.2% stake in the company, Elon Musk is now all set to become part of the board of directors of the social media platform. The announcement sent Twitter shares soaring by 2% on Tuesday.

Welcoming the development, CEO Parag Agrawal tweeted that Musk would bring ‘great value to the board.’

“He’s 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 shared on his Twitter handle.

Former CEO, Jack Dorsey also echoed Agrawal’s views, saying, “Musk cares deeply about our world and Twitter’s role in it.”

Also Read: Twitter, Inc (TWTR) stock climbs on new share buyback plan

© Joeduffy1 | Megapixl.com

Also Read: Elon Musk becomes Twitter’s (TWTR) biggest shareholder after 9.25% stake

Musk to remain on Twitter board till 2024

According to a filing by the SEC, the Tesla CEO will be part of the Twitter boardroom until 2024. During his tenure as a board member and after 90 days more before he exits the company, Musk can be an owner of less than 14.9% of the company’s common stock outstanding.

Elon Musk is also equally elated to be a part of the Twitter board, the social media platform he frequently uses to engage with his followers.

“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” tweeted Musk, who had often landed in soups with his controversial posts.

Bottomline:

Twitter shares climbed on Monday when Elon Musk’s 9.2% stake claims got announced. The shares rose again for the second consecutive day when news of his ascend to the board of directors came out.

One of the most controversial and avid users of Twitter, Elon Musk’s induction into the Twitter boardroom is seen as a positive sign by users and investors alike.

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