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After amassing a massive Twitter stake, Musk joins the board

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Elon Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform.

Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting. Musk, either alone or as a member of a group, won’t be allowed to own more than 14.9% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.

 

Source: AP – All contents copyright 2022 Associated Press.  All rights reserved.

 

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