Entrepreneur and business mogul Elon Musk has been named to Twitter’s board of directors, it was announced today.
Earlier in the week, Mr. Musk bought a 9.2% stake in Twitter, which represented about 73.5 million shares.
His holding is considered a passive investment, which means he is a long-term investor who seeks to minimize his purchases and sales of shares.
He raised questions about the ability to communicate freely on Twitter, tweeting last month about free speech and the social media platform.
I am delighted to share that we name @Elon Musk to our Board of Directors! Through conversations with Elon over the past few weeks, it became clear to us that he would bring great value to our board.
— Parag Agrawal (@paraga) April 5, 2022
Now, Mr. Musk is in a position to lead such changes, as he has been named a member of the board.
Parag Agrawal, CEO of Twitter, tweeted: “Excited to share that we are appointing @elonmusk to our Board of Directors! Through conversations with Elon over the past few weeks, it has become clear to us that he will bring a great value to our board.
“He is both a passionate believer and intense critic of service, which is exactly what we need on @Twitter and in the boardroom, to make us stronger in the long run. Welcome Elon!”
Mr. Musk responded to Mr. Agrawal’s tweet by posting, “Looking forward to working with the Parag & Twitter Board to deliver meaningful improvements to Twitter in the months ahead!”
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in the months to come!
— Elon Musk (@elonmusk) April 5, 2022
The announcement drew mixed reaction, with one Twitter user writing: “Unfortunately I’m not particularly excited about this. I’m not a fan of him and think this platform is worthless with him on the board. administration. Watch your back.”
Others responded to Mr. Musk’s tweet with suggestions on how to improve the site, such as adding an edit button.