Elon Musk will become the latest board member as he joins Twitter’s board of directors, the social network’s chief executive announced Tuesday.
This membership comes a day after the Tesla boss bought a major stake in the company and became its global largest shareholder.
“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,” Twitter CEO Parag Agrawal said in a tweet.
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.
— Parag Agrawal (@paraga) April 5, 2022
According to a document filed with the US Securities and Exchange Commission, Musk acquired nearly 73.5 million Twitter shares — a 9.2 percent stake in the company.
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Based on Friday’s closing price of the company’s stock, the South African-born billionaire’s investment amounts to nearly $2.9 billion.
Based on the investment, Twitter’s stock soared by more than 25 percent in pre-market trade on Wall Street last Monday, after Tesla boss Elon Musk took a major stake in the social media company.