Elon Musk will join Twitter’s board after acquiring a 9.2% stake in the social networking company, according to an announcement submitted to the SEC. Shares rose more than 6% in preliminary trading. “Through talks with Elon in recent weeks, it has become clear to us that he would add great value to our board,” CEO Parag Agrawal tweeted. “He is also a passionate loyalist and strong critic of the service, which is exactly what we need on Twitter and in the conference room, to make us stronger in the long run,” he added. Musk’s term is set to end in 2024, according to the deposition. For his entire term on the board or 90 days later, Musk cannot be the actual owner of more than 14.9% of the common stock of the company. Musk’s purchase comes after a period of criticism of the social media company. The honest Tesla CEO asked people on Twitter last month about whether he adheres to the principles of free speech. He added that he is thinking of creating a new social networking platform. After being appointed to the board, Musk on Tuesday teased that he would push for adjustments. “I look forward to working with the Parag & Twitter board to make significant improvements to Twitter in the coming months!” Musk tweeted. Musk’s share, although the largest among outside shareholders, is considered a passive interest, which often means that the holder is not trying to control or influence the company. However, some investors expected Musk to take an aggressive stance. Hours after revealing his involvement with the company, Musk took to Twitter to ask users about their interest in an edit button. Agrawal retweeted the post, urging people to “vote carefully” as the consequences “will be significant”. This is breaking news. Check again for updates.
