Elon Musk to join Twitter’s Board of Directors

Twitter Inc announced on Tuesday that it will add Elon Musk, the top shareholder in Twitter and CEO of Tesla, to its board of directors the day after Billionaire announced a 9.2% stake in the social media company.

The company said in a filing that Elon Musk cannot become the owner of more than 14.9% of Twitter's common stock either as an individual shareholder or as a member of a group as long as he is the director of Twitter. 

A Twitter chief executive officer (CEO) Parag Agrawal said in a tweet, “I'm excited to share that we're appointing @elonmusk to our board.”

On Monday, Musk announced ownership of 73.5 million Twitter shares, held by Elon Musk Revocable Trust. Musk will participate in director benefits contracts that apply to non-employee directors, the company said. Twitter added that it plans to enter into a standard compensation agreement with Musk.

Elon Musk will serve as a Class II director, with the term expiring at Twitter’s 2024 annual meeting of stockholders. Twitter surged 6% in trading before the opening bell, after closing up more than 27% on Monday.