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  • 2 days ago
Just one day after disclosing that he had purchased a more than 9 percent stake in Twitter for about $2.9 billion, Twitter is appointing Tesla and SpaceX founder Elon Musk to its board of directors.
Transcript
00:00Elon Musk has been appointed to Twitter's board of directors.
00:03This news comes just one day after Musk disclosed that he had purchased a more than 9% stake in the company for about $2.9 billion.
00:11In a securities filing Tuesday, Twitter said that the Tesla and SpaceX founder will be named to the board promptly,
00:18with the term set to expire at the 2024 annual meeting.
00:21As a member of the board, Musk will be limited in the number of Twitter shares he can acquire.
00:25The letter agreement between Twitter and Musk stipulates that as long as he is serving on the board and for 90 days thereafter,
00:32he will not either alone or as a member of a group become the beneficial owner of more than 14.9% of Twitter's common stock outstanding.
00:40Twitter CEO Parag Agrawal said,
00:42Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board.
00:48He's both a passionate believer and intense critic of the service,
00:51which is exactly what we need on Twitter and in the boardroom to make us stronger in the long term.
00:55Welcome, Elon.
00:56Musk's disclosure on Monday sent Twitter stocks surging more than 25%.
01:00He joins Twitter's board just a few weeks after stepping down from Endeavor's board of directors.
01:05For more on this story and the latest news, go to THR.com.
01:08This is The Hollywood Reporter News.
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