Todd Spangler NY Digital EditorElon Musk is joining Twitter’s board of directors, in a deal coming after the CEO of Tesla and SpaceX acquired a 9.2% stake in the social-media network.Under the agreement, Musk is prohibited from amassing more than 14.9% of Twitter’s stock as long as he remains a director on the board.In a tweet, Twitter CEO Parag Agrawal wrote, “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.”Agrawal continued, “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term.
Welcome Elon!” In an 8-K filing, Twitter said it will appoint Musk to the company’s board with a term expiring at the company’s 2024 annual meeting of stockholders.“For so long as Mr.
Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions,” Twitter said in the filing.More to come….
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