Elon Musk Turns Down Seat on Twitter’s Board, Move Will Allow Him to Buy More Stock in Company
By Jim Hoft
A day after purchasing a 9.2% passive stake in Twitter, Tesla CEO and SpaceX founder Elon Musk has been designated as one of Twitter’s Board of Directors in a deal that would prohibit him from owning more than 14.9% of the media giant’s common stock.
On Monday, it was revealed that Elon Musk becomes Twitter’s biggest shareholder after purchasing $2.89 billion worth of stock, according to a regulatory filing revealed on Monday by the Securities and Exchange Commission.
According to the SEC filing, Musk now holds a 9.2% passive stake in the social media giant. He owns 73,486,938 shares of common stock out of 800,641,166 Twitter shares. That means, Musk now owns nearly 10% of Twitter.
Twitter Chief Executive Officer, Parag Agrawal, announced on Tuesday that they will appoint Elon Musk to their Board of Directors serving as a Class II Director saying “he would bring great value to our Board.”