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Tesla CEO Elon Musk has joined Twitter’s board of directors, after spending big to gain a large stake in the social media company
Billionaire Elon Musk has officially joined Twitter’s board of directors.
The news comes a day after it was revealed the Tesla CEO took a 9 per cent stake in the social media platform.
Twitter says that it entered into an agreement with Mr Musk that would give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.
Mr Musk, either alone or as a member of a group – will not be allowed to own more than 14.9 per cent of the social media company’s outstanding stock for as long as he’s a board member, and then for an additional 90 days after.
Therefore this appointment effectively ends the possibility of Musk mounting a takeover of Twitter.
