Tesla CEO Elon Musk joins Twitter board after amassing massive stake

Elon Musk joins Twitter’s board one day after revealing that he would become the largest shareholder in the social networking platform with a 9% stake.

The billionaire has publicly criticized Twitter for its commitment to freedom of speech. He is also facing problems on the platform as CEO of Tesla, after financial regulators found that he had published inaccurate information about the company.

Musk is not allowed to own more than 14.9% of Twitter shares while on the board, according to Twitter Inc. in a regulatory filing on Tuesday.

Musk has spoken to the company in recent weeks, and Twitter CEO Parag Agrawal tweeted that “it has become clear to us that it will add a lot of value to our board.”

“He is also a passionate loyal and strong critic of the service which is exactly what we need on @Twitter and in the conference room to make us stronger in the long run,” Agrawal wrote.

Musk said he looks forward to working with Agrawal and the board “to make significant improvements to Twitter in the coming months!”

Musk wasted no time in weighing in on one of Twitter users’ biggest problems with the platform late Tuesday, asking in a tweet if he needed to add an edit button.

“Now is the time to get out of the popcorn and watch the developments in the coming months with Musk on the board,” wrote Daniel Ives, who follows Wedbush Securities on Twitter.

Twitter’s board will have 12 members with Musk. Jack Dorsey resigned as Twitter CEO recently and his term on the board ends at a forthcoming shareholders’ meeting on May 25. Three other board members have term to end, but have been appointed to retain their positions.

Dorsey wrote on Twitter on Tuesday that Musk and Agrawal “both lead with their hearts and will be an incredible team.”

“I’m very happy that Elon is on the Twitter board! He cares deeply about our world and Twitter’s role in it,” Dorsey said.

After raising $ 73.5 million in Twitter worth a total of about $ 3 billion, Musk has not spoken specifically about any changes to the Twitter rule he could promote.

In March, Musk told his 80 million followers on Twitter that he was “seriously considering” setting up his own social networking platform.

Musk has been embroiled in a heated debate with the SEC over his ability to post on Twitter. His lawyer has argued in court that the SEC is violating the rights of the First Amendment of Tesla CEO.

Twitter shares rose about 5% on Tuesday.

Copyright © 2022 by the Associated Press. All rights reserved.

Tesla CEO Elon Musk joins Twitter board after amassing massive stake Source link Tesla CEO Elon Musk joins Twitter board after amassing massive stake

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