Musk to Become Part of Twitter Board
Twitter said on Tuesday it will offer Elon Musk a seat on its board of directors, a position the Tesla founder plans to use to bring major improvements to the social media site.
Musk reported in a regulatory filing on Monday that he holds a 9% stake in Twitter, making him its largest shareholder. "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months”, Musk tweeted.
Musk will be involved in strategic decisions, including the direction of Twitter's Bluesky project and the addition of an edit button, according to a source familiar with the situation, but just like all other board members - Musk will not have a say on the platform's moderation.
Musk's appointment will potentially block chances of his making a takeover bid because Musk cannot own more than 14.9% of Twitter's stock either as an individual shareholder or as a member of a group as long as he is on the company's board. While Musk did not express an interest in acquiring the company openly, there was some speculation around the fact.
In light of the news, Twitter shares closed up 2%, at $50.98, on Tuesday, after gaining over 27% on Monday. Tesla shares were down 4.7%.
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