Elon Musk will join the board of directors at Twitter a day after taking a 9.2 per cent stake in the social media platform, the company said in securities filing on Tuesday.
Twitter’s shares skyrocketing more than 27 per cent after the news of Musk taking stakes in the social media platform
Elon Musk will join the board of directors at Twitter a day after taking a 9.2 per cent stake in the social media platform, the company said in securities filing on Tuesday.
"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," CEO Parag Agrawal said in a tweet.
Twitter’s shares surged more than 27 per cent after the news of Musk taking stakes in the social media platform.
Musk had also asked users in a Twitter poll if they wanted an edit button.
The Tesla and SpaceX founder had recently said that he is giving “serious thought” to building a new social media platform.
Musk's stake in Twitter is considered a passive investment, which means Musk is a long-term investor that's looking to minimise his buying and selling of the shares.
Musk had earlier targeted the microblogging platform for free speech and he even put out a tweet asking users if they believe Twitter adheres to the principle of free speech.
Musk's revelation about his stake in Twitter shares comes two days after Tesla Inc. posted lackluster first-quarter production numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations