Twitter CEO Parag Agrawal announced today that Elon Musk is being appointed to the Board of Directors after he became the social media company’s largest stakeholder.
In a tweet, Agrawal declared, “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,” Agrawal explained.
Agrawal then called Musk “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!” Agrawal added.
Musk responded to the tweet by telling Agrawal, that he is “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
According to a filing with the US Securities and Exchange Commission, Musk will serve as a class II director until 2024.
As The Verge noted, this is a type of position that can be used as an anti-takeover measure, as Musk will be limited to how much stock he can purchase.
The filing says that Musk cannot own more than just under 15% of the stock:
“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.”
Conservative media personality David Reaboi said that he believes, “Parag is the first one who’s gotta go, if this is to be a true free platform.”
Many left-wingers were predictably freaking out, like playwright Monica Byrne, who told Agrawal, “This is extremely bad news, but thanks.”
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
U.S. House Rep Lauren Boebert (R-CO) responded to the news by insisting, “.@ElonMusk being named to Twitter’s Board of Directors is just the start. 2022 is the year that we take back our country. The tide is turning. The Left took it way too far and common sense people who love this country are taking back what is ours.”
It will be interesting to see where Twitter goes from here and what impact Musk will have on things.
.@ElonMusk being named to Twitter’s Board of Directors is just the start.
— Lauren Boebert (@laurenboebert) April 5, 2022
2022 is the year that we take back our country. The tide is turning.
The Left took it way too far and common sense people who love this country are taking back what is ours.
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