Twitter Inc. stated it would name top shareholder and Tesla chief Elon Musk to its board after the billionaire disclosed a stake in the company, according to a post by Twitter on Tuesday.

  • The appointment might temporarily block the opportunity of an immediate takeover bid from Musk after he disclosed a 9.2% stake, valued at nearly $3 billion.
  • Musk cannot hold more than 14.9% of Twitter’s common stock either as an individual shareholder or member of a group while he is the director of Twitter.
  • Agrawal stated that the company was excited to appoint Elon Musk, further noting that he is both a passionate believer and an intense critic of the service.
  • In response, Musk tweeted that he was looking forward to working with Parag and Twitter to make major improvements to Twitter in the upcoming months.

Musk has been a vocal critic of the social media platform and its policies and recently ran a poll asking users if they believed the platform complies with the free speech principles. TWTR: NYSE is up 4.88%