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Elon Musk joins Twitter’s board following buyout of company stake

New York, USA – Multi-billionaire Elon Musk, CEO of Tesla Motors, officially joins the board of global social media platform Twitter, following Musk buying a 9.2% stake in the company.

In a tweet by Parag Agrawal, CEO at Twitter, he said that Musk is both a passionate believer and intense critic of the service, which is exactly what they need on Twitter and in the boardroom, to make them stronger in the long-term.

Twitter said in its regulatory filing that Musk is categorised as a Class II director with a term expiring at the company’s 2024 annual meeting of stockholders. In addition, Twitter pointed out that for as long as MrMusk is serving on the Board and for 90 days thereafter, Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of Twitter’s common stock outstanding at such time.

The decision comes six months after Agrawal became the platform’s CEO while its founder Jack Dorsey left the company to become the CEO of Block, an American financial services and digital payments company.