According to the agreement, Musk will hold the position of director, but his term will end at the annual general meeting of shareholders in 2024.
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Musk will not be allowed to own more than 14.9 percent of Twitter’s shares alone or in the group during his term and 90 days after termination.
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“I am thrilled to share the appointment of Elon Musk to our Board of Directors,” said CEO Parag Agrawal on his Twitter account.
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“He is a passionate believer and an intense critic of our service, which is exactly what we need on Twitter and on the board to be stronger in the long run,” he added.
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Shares of Twitter rose 27 percent on Monday after announcing that Musk had become the largest shareholder. On Wednesday, they post about five percent after the start of trading.
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Putting Musk on the board and limiting the amount of shares he can acquire while he is a director can be a strategic step for Twitter.
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Musk became its largest shareholder, but also openly questioned the platform’s commitment to freedom of speech and the First Amendment, the AP agency said.
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He wants to change Twitter
Musk is a frequent Twitter user. It has been operating on this network since 2009 and is followed by more than 80 million people. His contributions are often quoted in the media and often provoke controversy.
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He used the social network for several announcements, including a report on Tesla’s private transaction, which brought him under regulatory control. According to Monday’s report, it owns 73.5 million Twitter shares worth about three billion USD (66.6 billion crowns).
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Musk did not comment specifically on any changes he could enforce on Twitter. However, he wrote on his account on Tuesday that he wants to significantly “improve Twitter” in the coming months.
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In March, Musk told his supporters that he was seriously considering “creating his own social network.”
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Forbes magazine on Tuesday presented its latest ranking of the richest people on the planet with assets of over one billion USD.
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This year, Musk appeared at the top of the rankings, removing Jeff Bezos, the founder of the Amazon online store, from the first position. Forbes estimated Musk’s assets at $ 219 billion.
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