Twitter will appoint Tesla CEO Elon Musk to its board of directors following the disclosure that the billionaire entrepreneur has bought a 9.2% stake in the social-media platform.
The buy was reported Monday before U.S.-based stock markets opened and the same day Twitter filed a notice with the Securities and Exchange Commission about its intentions to appoint Musk to its board.
Musk will be appointed to the board as a class two director. His term will expire at the company’s 2024 annual meeting.
His 9.2% purchase instantly made Musk the largest shareholder of the company, owning 73.5 million shares of Twitter.
Following his announcement Monday, Musk – perhaps in jest – polled his followers on the platform about whether they want an edit button.
Musk’s announcement triggered a rise of more than 27% in the company’s shares.