Elon Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform.
Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
Musk, either alone or as a member of a group, won’t be allowed to own more than 14.9% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.
After Musk’s move on Monday, he is now the largest shareholder in Twitter.
The billionaire has recently spoken up about Twitter’s moderation efforts, criticizing the platform for “failing to adhere to free speech principles fundamentally undermines democracy.”