New Delhi: SpaceX and Tesla co-founder Elon Musk was appointed to the board of the Twitter on Tuesday, a day after he revealed that he became the largest shareholder of the social media platform with a 9 per cent stake.
In a regulatory filing, Twitter said Musk is barred from owning more than 14.9 per cent of Twitter’s outstanding stock while he sits on the board, according to the news agency Associated Press.
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Tweeting about Musk joining the board, CEO Parag Agrawal said, "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."
"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!" Agrawal said in a follow-up tweet.
Musk also responded to the tweet saying, "Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!".
Former Twitter CEO Jack Dorsey also responded to the conversation and tweeted, “I'm really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter's role in it. Parag and Elon both lead with their hearts, and they will be an incredible team,' Dorsey tweeted.
The company’s board will have 12 members including Musk. Jack Dorsey, who had quit as CEO of Twitter last year, will remain on the board till his term expires at an upcoming stockholders’ meeting on May 25. Board terms of three other board members are set to expire but they have been nominated to retain their seats, according to the AP report.
Musk will remain on Twitter's board until the company's annual shareholder's meeting in 2024.