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Elon Musk Will join TwitterBoard of Directors after taking 9.2% stake In the social media company, one step The release was filed with the SEC.
Shares rose more than 6% in freemarket trading.
“Through conversations with Elon in recent weeks, it is clear to us that he will bring great value to our board,” CEO Barack Agarwal said in a tweet.
“He is an ardent believer and an ardent critic of the service, which has been needed on Twitter and Portroom to strengthen us in the long run,” he added.
According to the report, Musk’s term ends in 2024. After his full tenure or 90 days, Musk will no longer be the sole proprietor of more than 14.9% of the company’s common stock outstanding.
Musk bought it after criticizing the social media company. The one who speaks openly Tesla The CEO conducted a public opinion poll on Twitter last month on whether the free speech policy adheres. He also said he was considering creating a new social media platform.
After he was named to the board, Musk on Tuesday teased that he was pushing for changes.
“We look forward to working with Barack & the Twitter team to make significant improvements on Twitter in the coming months!” Musk said in a tweet.
Musk’s stake, which is the largest among external shareholders, is considered a passive interest, which is often not sought to control or influence the holder company. However, some investors expected Musk to take an aggressive stance.
A few hours after revealing his holdings at the company, Musk took to Twitter Poll users The Edit button is of interest. Agarwal retweeted the post, urging people to “vote carefully” as the consequences would be “significant”.
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