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Elon Musk Joins Board of Twitter

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Twitter shares jumped 3% during early trading on Tuesday, after the company’s decision to appoint Elon Musk to its board of directors was disclosed in a release filed with the U.S. Securities and Exchange Commission. The stock is up roughly 30% this week after Musk took a 9.2% passive stake in the social media firm to become the company’s largest shareholder. 

The nearly $US3 billion investment is four times larger than that of Twitter co-founder Jack Dorsey, who stepped down as chief executive in November.

Musk’s appointment, however, will potentially block chances of a takeover bid as the billionaire cannot own more than 14.9% of Twitter’s stock either as an individual shareholder or as a member of a group, as long as he is on the company’s board.

Following the announcement, Twitter CEO Parag Agrawal said in a tweet, “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board. 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.”

Musk tweeted, in response: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months.”

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