Elon Musk Appointed to Twitter’s Board, Stock Rises 6%

After taking a 9.2% stake of Twitter on Monday, Elon Musk was appointed to the social media giant’s board according to a filing, sending shares up more than 6% on Tuesday morning. At the time of writing TWTR is at $52.95, which is a more than 30% increase since the Musk stakeholder announcement on Monday. 

The filing states that Musk joined the board on April 4, 2022 and will remain as a member until the company’s annual meeting of stockholders in 2024. During that time, the South African-native will not be able to hold more than 14.9% of the company’s common stock and 90 days thereafter. 

Parag Agrawal, CEO of Twitter, shared the announcement on his Twitter as well saying, “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.” 

“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.

Twitter founder, Jack Dorsey weighed in on the monumental announcement as well, saying in a tweet Musk “cares deeply about our world and Twitter’s role in it.” 

In typical Musk fashion he tweeted a pole asking his now 80.5 million followers if they want an edit button. With over 3.3 million votes in at the time of writing, the current percentages are 73.5% of people voted “yes,” while 26.5% of people voted “no.” There are 9 hours left to vote. 

Agrawal quote tweeted Musk’s tweet, responding “The consequences of this poll will be important. Please vote carefully.” 

t is clear that Musk is joining Twitter to clean up some areas he deems unfit. This announcement comes after Musk was critical of Twitter after posting a poll asking whether or not Twitter champions free speech. When 70.4% of voters voted “no,” Musk knew that something had to be done, even tweeting “Is a new platform needed?” 

It turns out the solution for Musk was not to create a new platform but be a part of the change on the existing platform with over 330 million monthly active users (MAU) according to a report.

Author: Tyler Irvin

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