Twitter to appoint Elon Musk to board of directors

Twitter will appoint Tesla CEO Elon Musk to its board of directors, the company announced Tuesday.

As long as Musk is serving on the board, and for 90 days after, he will not be able to own more than 14.9 percent of Twitter’s stock, Twitter said in a Securities and Exchange Commission filing. Musk’s term on the board will expire at the social media company’s 2024 annual meeting of stockholders.

The move comes after Musk revealed he acquired a 9.2 percent stake in Twitter, making Musk the largest outside shareholder. 

After the news was revealed Monday, Twitter shares rose more than 20 percent.

Twitter CEO Parag Agrawal said Tuesday Musk will 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. Welcome Elon!,” Agrawal tweeted.

Musk replied in a tweet that he is “looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”