Elon Musk will join Twitter's board of directors

Tesla founder Elon Musk joins the board of directors of Twitter Inc. On the eve it became known that the American billionaire bought a 9.2% stake in the platform.

“Excited to announce that Elon Musk will be joining our board of directors,” wrote Twitter CEO Parag Agrawal . “We have been in contact with Elon in recent weeks, and it is clear to us that he will be of great benefit to the council. He is a passionate believer in the platform and also comes out as a sharp critic, which is exactly what we need.”

Term of office - until 2024 (Class II director). During the period of his appointment and for 90 days after leaving the board of directors, Musk may not own more than 14.9% of the ordinary shares outstanding and be the beneficial owner.

Twitter's news stock surged above 6% in premarket trading.

• Elon Musk is an active Twitter user. Yesterday it became known that he acquired a 9.2% stake in the company and thus became its largest external shareholder. The cost of the package, based on the market close on Friday, April 1, amounted to about $2.89 billion.
• It is assumed that Musk's equity participation in the business will be passive, but a number of investors expect "decisive action" from the billionaire, writes CNBC. So far, he launched another poll on Twitter whether an edit button is needed (a huge majority voted in favor).