Elon Musk joins Twitter board after buying nearly $3 billion in stock

The billionaire has criticized Twitter publicly about its dedication to free speech. He is additionally run into hassle on the platform because the CEO of Tesla after monetary regulators discovered he had posted inaccurate details about the corporate.

Musk is barred from proudly owning greater than 14.9% of Twitter’s excellent inventory whereas he sits on the board, Twitter Inc. stated in a Tuesday regulatory submitting.

Musk has been talking with the corporate in latest weeks and Twitter CEO Parag Agrawal stated in a tweet that “it turned clear to us that he would carry nice worth to our Board.”

“He is each a passionate believer and intense critic of the service which is strictly what we want on @Twitter, and within the boardroom, to make us stronger within the long-term,” Agrawal wrote.

Musk stated he is trying ahead to working with Agrawal and the board “to make vital enhancements to Twitter in coming months!”

Musk wasted no time in weighing in on one of many largest gripes Twitter customers have concerning the platform late Tuesday, asking in a tweet if he ought to add an edit button.

“Now it is time to get out the popcorn and watch the developments over the approaching months with Musk on the board,” wrote Daniel Ives, who follows Twitter for Wedbush Securities.

Twitter’s board may have 12 members with Musk. Jack Dorsey stepped down as CEO of Twitter final and his time period on the board expires at an upcoming stockholders’ assembly on Might 25. Three different board members have phrases which might be set to run out however have been nominated to retain their seats.

Dorsey tweeted Tuesday that Musk and Agrawal “each lead with their hearts, and they are going to be an unbelievable crew.”

“I am actually pleased Elon is becoming a member of the Twitter board! He cares deeply about our world and Twitter’s function in it,” Dorsey stated.

After amassing 73.5 million Twitter shares value a complete of about $3 billion, Musk has not spoken particularly about any Twitter rule adjustments he may push.

In March, Musk advised his 80 million followers on Twitter that he was ” giving severe thought ” to creating his personal social media platform.

Musk is locked right into a bitter dispute with the SEC over his capacity to publish on Twitter. His lawyer has contended in courtroom motions that the SEC is infringing on the Tesla CEO’s First Modification rights.

Shares of Twitter rose about 5% Tuesday.