Twitter CEO Parag Agrawal on Tuesday welcomed entrepreneur and Tesla CEO Elon Musk to the board. This development has come after Elon Musk became micro-blogging site biggest shareholder.
Parag Agrawal tweeted, "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!"
Musk is joining Twitter's board of directors a day after disclosing that the Tesla CEO took a 9% stake in the social media platform.
Twitter Inc. said in a regulatory filing Tuesday that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
Musk, either alone or as a member of a group, won't be allowed to own more than 14.9% of Twitter's outstanding stock for as long as he's a board member and for 90 days after.
(With PTI inputs)
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