By Molly Schuetz | Bloomberg
Twitter Inc. named Elon Musk to its board a day after it was publicly disclosed that the chief govt officer of Tesla Inc. had amassed a 9.2% stake within the social-media firm.
In accordance with a submitting with the Securities and Trade Fee on Tuesday, Musk won't personal greater than 14.9% of Twitter throughout his time on the board and as much as 90 days thereafter. Musk’s time period on the board is about to run out at Twitter’s 2024 annual assembly. Twitter’s shares jumped 8% in early buying and selling in New York.
Musk bought his Twitter stake in mid-March, making him the corporate’s greatest shareholder. He has additionally been one of many greatest personalities on Twitter and has commonly run into hassle on the platform. Musk is at the moment in search of to exit a 2018 cope with the SEC that put controls in place associated to his tweeting about Tesla.
Twitter CEO Parag Agrawal mentioned in a tweet that he’s “excited” about appointing Musk to the board. “He’s each a passionate believer and intense critic of the service which is precisely what we want on @Twitter, and within the boardroom, to make us stronger within the long-term.”
Extra tales like this can be found on bloomberg.com
©2022 Bloomberg L.P.