Twitter will appoint Elon Musk to its board, after the Tesla CEO bought a 9.2 per cent stake in the social media giant.
Musk filed paperwork relating to his purchase that stated he had “no present plans or intentions” to force a merger or sale, to remove board members, or to change the company’s dividend or buyback policies.
Musk will sit on the board for two years, during which time he is limited to owning 14.9 per cent of Twitter, making a takeover impossible.
Twitter CEO Parag Agrawal welcomed Musk to the fold, tweeting: “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!”
“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”, Musk responded.
Twitter founder Jack Dorsey, who remains on the 12-person board, also welcomed Musk.
“He cares deeply about our world and Twitter’s role in it,” Dorsey wrote. “I’ve wanted Elon on the board for a long time.”
