Twitter on Tuesday decided to appoint Tesla CEO Elon Musk to its board of directors. The documents were submitted to the US Securities and Exchange Commission via Twitter. Musk will be the Class-II Director of Twitter by 2024. This seems to be a measure taken to ensure that the company's owner does not change. According to the new appointment, Musk will not be able to capitalize on more than 14.9 percent of Twitter.
In a tweet, Twitter chief executive Parag Agarwal confirmed Musk's possible appointment to the board. He noted that Musk had a strong belief in effective service and was critical of it. They will elevate Twitter's board of directors.
According to documents submitted to the commission by Twitter, Musk will be appointed to the company's board of directors. It will serve as a Class-II director until the company's annual meeting of shareholders in 2024. During this period and for the three months following, Musk will not be able to own more than 14.9 percent of the company's shares as an individual or as a member of his group.
Jack Dorsey, the former chief executive of Twitter, welcomed Musk's appointment to the board of directors, saying he was "very concerned" about the world and the role of Twitter in the world and would do so. Although Dorsey resigned in November 2021, he will remain director of Twitter until May.
What happened in two days?
On Monday, Musk announced that he had bought a 9.2 percent stake in Twitter, despite objections to free speech. The acquisition made him the largest individual shareholder in the company. Shortly afterward, Musk called Twitter users to vote on the "edit" option. Agarwal had responded by tweeting that it would have far-reaching consequences. He also warned Twitter users to be careful about voting.
My focus will be on making significant improvements to Twitter in the coming months. - Elon Musk.