(KMJ) – The chief executive officer of Twitter confirms Tesla’s Elon Musk will join its board of directors after becoming the company’s largest individual shareholder with a 9% stake.
Twitter CEO Parag Agrawal announced Musk’s addition in a tweet Tuesday morning.
“I’m excited to share that we’re appointing (Elon Musk) to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Agrawal wrote. “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’s term on the board will run through Twitter’s 2024 annual shareholders meeting. According to a regulatory filing, he will not be able to own more than 14.9% of the company’s stock as long as he is on the board and for 90 days after.
The billionaire and Tesla CEO says he is looking forward to making improvements to the social media platform in the coming months.
