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Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company. The news sent Twitter’s shares up more than 2% on Tuesday.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal PGhl0A” target=”_blank”>said in a tweet.
“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,” Agrawal added.
Former chief Jack Dorsey praised the move, saying in a tweet that Musk “cares deeply about our world and Twitter’s role in it.”
“I’ve wanted Elon on the board for a long time,” Dorsey later added.
Musk’s term is set to expire in 2024, according to a filing with the SEC. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.
Musk’s purchase comes after a bout of…
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2022-04-05 12:31:47
