Elon Musk will weigh in on the future of Twitter (NYSE:TWTR). After acquiring a 9.2% share in the social network two weeks ago, Tesla CEO joins its board of directors. In exchange, he promised not to increase his stake beyond 14.9%.
The announcement was made by Parag Agrawal, the company’s current director, “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 document filed with the SEC, the US market regulator, Musk’s renewable term will last until the 2024 general meeting.
Working at Twitter since 2011, Parag Agrawal took charge of the group last November. He replaced co-founder Jack Dorsey, who resigned.
By taking a 9.2% stake in the capital on Monday, Elon Musk became Twitter’s largest shareholder.
The document filed with the SEC to announce his entry to the board of directors specifies that he promised not to raise his stake beyond 14.9%.
An Active Twitter User
Before investing in Twitter, Elon Musk was already an active user of the social network. Indeed, he has 80.5 million subscribers on Twitter.
The richest man in the world has repeatedly used his account to poll Internet users about his Tesla stock sales. More recently, Musk used it to find out if they believe Twitter respects freedom of expression. A majority answered “no”.
The entrepreneur has repeatedly criticized the platform, saying that it went too far in moderating content posted on the social network.
It’s not immediately clear what changes Musk might want to see. However, a Monday tweet suggests he’s considering adding an edit button, which would allow users to edit tweets after they’re posted.
On Monday, Musk asked his 80 million followers if it was something they’d like to see. On Tuesday morning, about three-quarters of respondents were in favor of an edit button.
