Twitter’s CEO Parag Agrawal has announced on Tuesday appointing Tesla’s CEO Elon Musk to its board of directors. After acquiring nearly a 9.2% share in microblogging website Twitter for over $3 billion, Elon Musk has become the largest stakeholder in the company. After Musk bought Twitter shares, the stock price of Twitter skyrockets by 27%, and Dogecoin’s price shoots more than 5%.
Twitter Adds Elon Musk To Its Board of Directors
Twitter CEO Parag Agrawal announces in a tweet on April 5 regarding the appointment of Tesla’s CEO Elon Musk to the board of directors, agreeing on bringing great value to its board. Under the new position, Musk will serve as a Class II director until 2024.
“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
According to a filing with the U.S. Securities and Exchange Commission (SEC), Elon Musk will not seek more than 14.9% ownership in Twitter during his serving time on the board and 90 days after the service period.
Commenting on the passion and critic personality of Elon Musk, Twitter CEO Parag Agrawal, said:
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”
Recently, Elon Musk acquired a 9.2% stake in Twitter despite his continuous dissatisfaction with the lack of free speech on the platform. Moreover, after acquiring a majority stake, Musk polled about creating an edit button on Twitter. The lack of an “edit” feature has created a nuisance among Twitter users. In a few hours, more than a million users voted for an edit option.
Elon Musk Boosts Tesla and Dogecoin Prices
The stock price of Twitter jumps 5% in pre-market trading to near $52 on Tuesday. Moreover, in the last hour, the Dogecoin (DOGE) price has surged 4%, with the current price trading at $0.15 at the time of writing.
Elon Musk, the world’s richest person, will introduce enormous improvements to the Twitter social media platform, including the edit button, making it more user-friendly, open, and intuitive. Moreover, he also agreed that crypto spam bots are the single most annoying problem on Twitter.
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