Twitter Inc. has announced that one of its most fierce critics who is also an ardent user of the platform will be joining its Board of Directors.
Tesla CEO Elon Musk is joining the 11-member board just hours after becoming its largest shareholder, purchasing a 9.2% stake valued at around 2.9 billion.
“I’m excited to share that we’re appointing @elonmusk to our board!” Twitter CEO Parag Agrawal tweeted. Adding that, “He’s 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.
Former CEO and co-founder Jack Dorsey expressed his excitement over the new development, saying that Elon “cares deeply about our world and Twitter’s role in it.” Dorsey revealed that he had “wanted Elon on the board for a long time.” Dorsey is leaving the board in May.
Just a month ago, Musk created a poll online asking people whether Twitter adhered to the principles of free speech, before hinting that was considering building a new social platform.
Upon being named to the board on Tuesday, Musk tweeted, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
A few hours later, he created a poll asking Twitter users whether they would like an edit button. Agrwal retweeted the post asking participants to “vote carefully” as the consequences “will be important.”
It’s in the public domain that Twitter has been developing an edit tool which is possibly undergoing internal testing before the official launch.
The effect of Musk’s onboarding is a matter that observers will keep an keen eye on. It’s “time to get out the popcorn and watch the developments over the coming months with Musk on the Board,” Said Dan Irves, an analyst at California-based capital firm Webbush.
His term at the board expires in 2024, according to a filing with the Security and Exchange Commission(SEC). During his term and 90 days after, Musk cannot be the beneficial owner of more than 14.9% stake of the company’s common stock outstanding.