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Elon Musk to join Twitter's board

Elon Musk to join Twitter's board

ABC News
Tuesday, April 5, 2022 1:47 PM GMT

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

NEW YORK -- Elon Musk is joining Twitter's board of directors a day after disclosing that the Tesla CEO took a 9% stake in the social media platform.

Twitter Inc. said in a regulatory filing Tuesday 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.

Twitter CEO Parag Agrawal said in a tweet that the company had been talking to Musk in recent weeks and “it became clear to us that he would bring great value to our Board."

Read full story on ABC News
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