Elon Musk Joining Twitter’s Board of Directors After Acquiring Massive Stake | THR News - video Dailymotion

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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.

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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.

Elon Musk Joining Twitter’s Board of Directors After Acquiring Massive Stake | THR News

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