A day after purchasing a 9.2% passive stake in Twitter, Tesla CEO and SpaceX founder Elon Musk has been designated as one of Twitter’s Board of Directors in a deal that would prohibit him from owning more than 14.9% of the media giant’s common stock.
On Monday, it was revealed that Elon Musk becomes Twitter’s biggest shareholder after purchasing $2.89 billion worth of stock, according to a regulatory filing revealed on Monday by the Securities and Exchange Commission.
According to the SEC filing, Musk now holds a 9.2% passive stake in the social media giant. He owns 73,486,938 shares of common stock out of 800,641,166 Twitter shares. That means, Musk now owns nearly 10% of Twitter.
Twitter Chief Executive Officer, Parag Agrawal, announced on Tuesday that they will appoint Elon Musk to their Board of Directors serving as a Class II Director saying “he would bring great value to our Board.”
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“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” said Agrawal in a tweet.
Elon Musk immediately responded and promised to make ‘significant improvements to the biased social media platform in the coming months
On Sunday Elon Musk declined a seat on the Board of Directors.
NBC News reported:
Billionaire Elon Musk has decided not to join the board of one of social media’s titans, Twitter, the San Francisco-based company’s CEO, Parag Agrawal, said Sunday night.
The announcement came as a surprise after Musk, the CEO of Tesla, said he would be joining the board following his stock purchase of about 9.2 percent of the company.
On Sunday Agrawal tweeted, “Elon has decided not to join our board.”