From CNBC.com…
Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company. The news sent shares up more than 6% in the morning.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal said in a tweeton Tuesday.
“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,” he added.
Former chief Jack Dorsey praised the move, saying in a tweet Musk “cares deeply about our world and Twitter’s role in it.”
Musk’s term is set to expire in 2024, according to a filing with the SEC. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.
