Elon Musk will join Twitter's board of directors after taking a 9.2% stake in the social media company. The news sent Twitter's shares up 2% on Tuesday. "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 tweet. "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," Agrawal added. Former chief Jack Dorsey praised the move, saying in a tweet that Musk "cares deeply about our world and Twitter's role in it." "I've wanted Elon on the board for a long time," Dorsey later added. 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.
Elon Musk will join the board of directors of Twitter after purchasing a 9.2 percent interest in the firm.
Twitter's stock rose 2% on Tuesday as a result of the announcement.
"It became evident to us in recent conversations with Elon that he would offer enormous value to our Board," CEO Parag Agrawal said in a tweet.
"On Twitter, and in the boardroom, he's both a passionate believer and an intense critic of the service, which is precisely what we need to make us stronger in the long run," Agrawal added.
Musk "cares profoundly about our planet and Twitter's place in it," according to former CEO Jack Dorsey, who hailed the move in a tweet.
Dorsey later stated, "I've wanted Elon on the board for a long time."
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