Elon Musk’s Twitter saga continues unabated, with the tech mogul joining the board in a bid to prevent a takeover of the company.
Musk is an avid Twitter user, but that hasn’t stopped him from being critical of the company and advocating for change. He recently posted a poll asking if Twitter should be replaced, saying “the consequences of this poll will be important.”
Musk followed up by purchasing nearly 10% of the company’s stock, making him the largest single shareholder. Twitter wants to make sure its largest shareholder doesn’t become the majority shareholder, striking a deal to make Musk a board member, according to an SEC filing:
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.
Twitter CEO Parag Agrawal welcomed Musk in a tweet of his own:
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.
— Parag Agrawal (@paraga), April 5, 2022
Musk responded with promises of change:
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
Elon Musk (@elonmusk), April 5, 2022
Only time will tell if Musk will be successful in changing how Twitter does things, but our money is on this saga being far from over.