Tesla CEO Elon Musk appointed as board members of Twitter.
Highlights
- Twitter CEO Parag Agrawal announces appointment of Elon Musk on company's board
- Agrawal wrote on Twitter, 'this is exactly what we need on Twitter'
- The development has come after Elon Musk took 9% stake in the social media platform
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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