Twitter announced the flash development after one of the richest people in the world, Tesla and SpaceX CEO Elon Musk, bought Twitter shares and became one of the largest shareholders of the company. According to the statement, Elon Musk is appointed to the board of directors of the company.
The Tesla CEO will serve as a Class 2 board member until Twitter’s annual general meeting in 2024. However, Musk will not own more than 14.9% of the company during his time on the Twitter board.
Parag Agrawal, CEO of Twitter, tweeted, “I’m excited to share that we’ve appointed Elon Musk to our board of directors. He’s both a passionate supporter and a fierce critic of our service. That’s what he is on Twitter and management to make us stronger in the long run.” “It’s exactly what we need on our board,” he said.
Questioning Twitter’s stance on freedom of expression, Musk has been “seriously considering” launching his own social media platform for some time.
Twitter shares rose 6% in trading before the stock market opened.
(Reuters)