Elon Musk now sits on Twitter’s board of directors
Elon Musk is now a member of the Twitter board of directors, preventing him from taking over the company.
Elon Musk just solidified his role as the world’s ultimate shit poster. How so? Twitter is appointing Musk to its board of directors, according to a release filed with the SEC and a tweet confirming the news from Twitter’s CEO, Parag Agrawal.
According to the release, Musk will serve on the board as a Class II Director until 2024. Positions such as this are used as an anti-takeover measure.
In other words, Twitter gave him this seat so he won’t take over the company. From the release:
“The Company will appoint Mr. Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” the filing says. “For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.”
Twitter’s new CEO is welcoming Musk with open arms. In a pair of tweets, the CEO says he’s “excited to share that we’re appointing @elonmusk to our board,” writes Agrawal. “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
Not one to shy away from any Twitter engagement, Musk responded to Agrawal’s tweet, saying that he’s “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months.”
If you’re wondering how we got here, the answer is pretty simple. Musk bought into the company and now owns a sizable chunk of Twitter, approximately 9.2% of the social platform. And as a result of Musk’s acquisition, he has become the largest shareholder in the company.
What do Twitter users have to say about Elon Musk’s new position?
What are Twitter’s thoughts on all of this? Honestly, it’s a mixed bag. Former Twitter CEO Jack Dorsey recently tweeted, “I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it.”
Unfortunately, however, most people don’t share the same enthusiasm as Dorsey regarding Elon Musk:
very excited to have a blowhard egomaniac on our board who doesn’t understand how free speech or content moderation works, and only bought an ownership stake because some people on the internet pointed out he’s frequently full of shit!https://t.co/8BjC0ZgN2F— Karl Bode (@KarlBode) April 5, 2022
Having Elon Musk on Twitter’s board of directors could be a good thing. Hear me out: Musk uses Twitter a lot, and having someone familiar with the platform could bring users much-needed changes. For example, an edit button.
It’s obviously still too early to tell what Musk’s true intentions are with Twitter, but if it brings changes that users want, I’m all for it. But if he uses his position to influence the wrong things (like attacking journalists), then there’s cause for concern.
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