Elon Musk joins the board of Twitter after he bought a bigger stake in the company

Tesla founder and CEO Elon Musk have joined the board of the social media giant Twitter, the move came after Musk bought a large piece of stake in the company.  

Twitter confirmed the news that Musk indeed bought a 9.2% stake in the company. 

Parag Agrawal Twitter CEO in a series of tweets announced that Musk has joined the company’s board. 

Agrawal tweeted: “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.” 

Another Agrawal’s tweet reads: “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. Welcome, Elon!”

According to the company, Twitter will appoint Musk to the company’s board as a “Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” under certain conditions. A key rule set in place by the agreement is that “so long as Mr Musk is serving on the Board and for 90 days thereafter, Mr Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time.”

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