July 15, 2024
Twitter Appoints Elon Musk to Board of Directors in Deal to Limit Ownership

Twitter Appoints Elon Musk to Board of Directors in Deal to Limit Ownership

Posted April 5, 2022 at 11:21pm by iClarified
Twitter has appointed Tesla CEO Elon Musk to its Board of Directors in a deal that limits his ownership of the company to 14.9% while serving as a director.

Musk sent Twitter's stock skyrocketing yesterday when it was discovered that he had acquired a 9.2% ownership stake in the company.

Today, Twitter CEO Parag Agrawal announced Musk was joining the board.


"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", said Agrawal. "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!"

A new 8-K SEC filing reveals that Musk has agreed to limit his ownership of Twitter while on the Board and for 90 days after.

-----
On April 4, 2022, Twitter, Inc. (the “Company”) entered into a letter agreement (the “Agreement”) with Elon Musk, which provides that:

● The Company will appoint Mr. Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders.


● For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.
-----

Musk is widely expected to push Twitter towards adhering to free-speech principles, something he strongly believes in.

Please download the iClarified app or follow iClarified on Twitter, Facebook, YouTube, and RSS for more updates.


Twitter Appoints Elon Musk to Board of Directors in Deal to Limit Ownership
Add Comment
Would you like to be notified when someone replies or adds a new comment?
Yes (All Threads)
Yes (This Thread Only)
No
iClarified Icon
Notifications
Would you like to be notified when we post a new Apple news article or tutorial?
Yes
No
Comments
You must login or register to add a comment...
Recent. Read the latest Apple News.
RECENT
Tutorials. Help is here.
TUTORIALS
Where to Download macOS Monterey
Where to Download macOS Ventura
AppleTV Firmware Download Locations
Where To Download iPad Firmware Files From
Where To Download iPhone Firmware Files From
Deals. Save on Apple devices and accessories.
DEALS