Elon Musk joins Twitter’s board of directors »TheTechManagers

Elon Musk on Twitter Board

In an eventful week on Twitterverse, Elon Musk does not sit still. After buying a 9.2% stake in Twitter worth $3 billion, Tesla’s CEO joins the board of directors of the social media site.

He will serve as the Class II director on the board until 2024, with a provision preventing Musk from owning more than 14.90% of the company’s stock. This is stated in the company’s articles of association to prevent a hostile takeover of the group.

What is the stake?

Elon Musk is now Twitter’s largest shareholder, holding more than four times the shares of Twitter co-founder and former CEO Jack Dorsey.

The recent acquisition could put Musk in hot water with the SEC, which requires it to report any purchase of more than 5% of a company within 10 days. Unfortunately for him, the disclosure on April 4 was 21 days, triggering a potential fine of $100,000.

Twitter Bigwigs announce the news

Musk is a notable personality on the platform, with over 80 million followers. Twitter CEO and co-founders teamed up to bring the news to the world through the platform.

The new development came just a day after the acquisition of the stake went public.

Ball in the game

The founder of SpaceX is not known as a passive investor. It will be interesting to see where he sends the ship in the near future.

Immediately after announcing the stock acquisition, Musk is polling on Twitter about an “edit button,” a much-requested feature on the platform.

It elicited mixed reactions from different groups. Few were skeptical of Musk’s control of Twitter, while fans were ecstatic to see their “meme god” get behind the wheel.

The tweet-based poll was immediately quoted by the newly appointed Twitter CEO, Paras Agrawal. His wording has certainly deepened the conspiracies and concerns surrounding Musk’s influence on the platform.

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