Musk’s appointment to the Twitter board ends the possibility of him engineering a takeover of Twitte.
Musk’s potential stake will be capped at 14.9% during his time on the board, according to a filing with the SEC on Tuesday.
Twitter’s shares jumped 7% as the market opened in New York.
Elon Musk recently polled his more than 80 million followers on Twitter, asking them whether the social media platform adheres to the principles of free speech.
Welcoming Musk on board, Twitter chief executive officer Parag Agrawal said, ‘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.’
To which, Musk replied, ‘Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!’
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