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Tesla CEO Elon Musk joins Twitter board after amassing massive stake

Elon Musk joins Twitter’s board of directors a day after announcing that he has become the social media platform’s largest shareholder with a 9% stake.

The billionaire has publicly criticized Twitter for its commitment to freedom of expression. He has also found himself in trouble as Tesla’s CEO on the platform after financial regulators found he had published inaccurate information about the company.

Musk may not own more than 14.9% of Twitter’s outstanding shares while he sits on the board, Twitter Inc. said in a regulatory filing filed Tuesday.

Musk has been speaking to the company for the past few weeks, and Twitter CEO Parag Agrawal said in a tweet that “we realized he will bring great value to our board.”

“He is both an ardent supporter and intense critic of the service, which is exactly what we need on @Twitter and in the boardroom to make us stronger over the long term,” Agrawal wrote.

Musk said he looks forward to working with Agrawal and the board “to significantly improve Twitter in the coming months!”

Musk wasted no time addressing one of Twitter’s biggest complaints about the platform late Tuesday, and tweeted asking if he should add an edit button.

“Now is the time to break out the popcorn and watch developments over the coming months with Musk on the board,” wrote Daniel Ives, who follows Twitter for Wedbush Securities.

Twitter’s board of directors will have 12 members with Musk. Jack Dorsey most recently resigned as CEO of Twitter and his term on the board will expire at an upcoming shareholders’ meeting on May 25. Three other board members have terms that are expiring but have been nominated to keep their seats.

Dorsey tweeted Tuesday that Musk and Agrawal “will both lead with their hearts and make an incredible team.”

“I’m really happy that Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it,” Dorsey said.

After amassing 73.5 million Twitter shares worth about $3 billion, Musk hasn’t specifically spoken out about any Twitter Rules changes he might be pushing.

In March, Musk told his 80 million followers on Twitter that he was “seriously considering” creating his own social media platform.

Musk is embroiled in a bitter dispute with the SEC over his ability to post on Twitter. His attorney has argued in court that the SEC is violating the Tesla CEO’s First Amendment rights.

Shares of Twitter rose about 5% on Tuesday.

Copyright © 2022 by The Associated Press. All rights reserved.

https://abc13.com/elon-musk-twitter-board-investment/11712728/ Tesla CEO Elon Musk joins Twitter board after amassing massive stake

Dais Johnston

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