According to the quoted source, Musk cannot hold more than 14.9% of the common shares of Twitter, either as an individual shareholder or as a member of the group, as long as he is on the company’s board.
“I am delighted to share @elonmusk’s appointment with our Board of Directors. He is both a passionate follower and an intense critic of the service, exactly what we need at @Twitter and the Board, to become stronger in the long run “, the general manager of the social platform announced in a post on Twitter , Parag Agrawal.
On Tuesday, in the pre-opening session of the New York Stock Exchange, Twitter shares rose by 6%, after closing on Monday by more than 27%.
Elon Musk currently owns a package of 73,486,938 common shares on Twitter, which, based on Friday night’s price, was worth $ 2.9 billion. The shares are owned by the Elon Musk Revocable Trust.
Elon Musk, who is also a frequent Twitter user, has 80 million users and has used Twitter to make several announcements that have influenced financial markets, including a possible transformation of Tesla into a private company.
According to Reuters, Elon Musk on Tuesday promised “significant” improvements to Twitter Inc. (TWTR.N) after announcing his intention to appoint him to the board.
Tesla CEO posted on Twitter: “I look forward to working with Parag and the Twitter board to make significant improvements to Twitter in the coming months.”
Musk did not provide details about its plans for the company, which is struggling to boost active users on its platform, even as it pursues new projects to end long-term stagnation.
Elon Musk has recently criticized the social media platform and its policies. According to Elon Musk, Twitter is undermining democracy by failing to adhere to the principles of free speech.
Musk, who is the founder and CEO of the space rocket company SpaceX, as well as the start-up Neuralink and the infrastructure company The Boring Company, is theoretically the richest man in the world, with an estimated fortune by Bloomberg at over $ 300 billion.
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