Elon Musk will sit on Twitter’s board of directors, but cannot have more than 14.9% of the company’s shares

Twitter has announced that Elon Musk will be appointed to the company’s board of directors . The move will guarantee the entrepreneur to have further influence within the social network, after yesterday Musk bought 9.2% of the company’s shares, becoming the largest shareholder.

• Elon Musk will sit on Twitter’s board until at least the 2024 annual shareholder meeting
• During his mandate, Elon Musk will not be able to own more than 14.9% of the shares of Twitter

Elon Musk will sit on Twitter’s board of directors until at least 2024. “The company will appoint Mr. Muskl to the Twitter board, where he will serve as ‘ Class II director ‘ until the annual meeting of shareholders scheduled for 2024,” reads the communicated. “During Musk’s term on the board, and for 90 days following his term, Mr. Musk shall not, individually or as part of any other group, control more than 14.9% of the shares of Twitter”.

“Elon Musk is a passionate thinker and his appointment will make a valuable contribution to the activities of our board,” added Parag Agrawal , current chief executive officer of Twitter. “I look forward to significantly improving Twitter over the next few months,” replied the Tesla founder.

With 9.2% of the shares, Elon Musk is the largest shareholder of Twitter. The operation cost 3 billion dollars and was rewarded by the market, with the shares of the social network quickly gaining more than 20%.