This article was updated to adhere with AtNight Media’s Code of Ethics
Renowned entrepreneur and Tesla CEO, Elon Musk, has taken a significant step in his involvement with social media giant Twitter by joining its board of directors, Your Content has learned.
This move comes shortly after Musk acquired an impressive 9.2 percent stake in the company, causing Twitter’s stock to skyrocket by nearly 30 percent.
In a deal reached on Monday, Twitter granted Musk a seat on its board, solidifying his influential position within the company.
This agreement is set to remain in effect until the 2024 annual shareholders meeting, ensuring a long-term partnership.
However, it’s worth noting that Musk, either individually or as part of a group, is restricted from owning more than 14.9 percent of Twitter’s outstanding stock.
As Musk takes on this new role, speculation arises regarding the potential impact he may have on the platform.
Known for his unorthodox and often controversial approach, some wonder if Musk’s involvement will result in significant changes, challenging the current “woke” status quo.
With his presence, there is also curiosity surrounding whether Musk will advocate for the reinstatement of former U.S. President Donald Trump’s Twitter account.
Only time will tell how Musk’s presence on Twitter’s board will shape the platform’s future, but it is undeniable that his entry has already caused a substantial stir in both the business and social media worlds, according to LA Times.