The social network announced this morning that Musk is joining its board of directors.
Musk bought a 9% stake in the social media company after he criticized its speech policies. The news of the technology mogul's purchase of several billion dollars worth of Twitter stock sent the company's shares sharply higher yesterday.
In pre-market trading, the social network is up more than 5%.
This morning, Parag Agrawal announced the news in a series of twits.
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.
— Parag Agrawal (@paraga) April 5, 2022
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!
— Parag Agrawal (@paraga) April 5, 2022
According to a filing from the company, Musk will be appointed to the company's board as a Class II director with a term that expires in the year 2024. The agreement states that if Mr. Musk is on the Board for 90 days, he will not become the beneficial owner of more than 14.9%.
The arrangement between Musk and the company limits his ability to push the social service around. A board seat, a huge stake, and a fast markup? Musk is not having a bad week.
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