SAN FRANCISCO, CA. (THECOUNT) — Billionaire Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company, according to a release filed with the SEC.
Shares were up more than 5% in premarket trading.
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“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.
“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,” he added.
Musk will serve as a Class II director on the board, with his term expiring in 2024, according to the filing. 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, reports CNBC.
Musk’s purchase comes after a bout of criticizing the social media company.
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