Twitter CEO Parag Agrawal Tuesday announced that Elon Musk is joining Twitter's board of directors with the term expiring at its 2024 annual shareholders meeting.
This comes a day after Tesla's CEO took a 9% stake in the social media platform.
"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," Agrawal tweeted.
"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!" he said in a follow-up tweet.
Moments after the announcement, the Tesla chief also responded.
"Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!" Musk tweeted.
Former Twitter CEO Jack Dorsey also joined in the conversation.
"I'm really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter's role in it. Parag and Elon both lead with their hearts, and they will be an incredible team," Dorsey wrote on Twitter.
READ | Elon Musk conducts poll for 'edit' button on Twitter after becoming top shareholder of micro-blogging site
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Musk, either alone or as a member of a group, won't be allowed to own more than 14.9% of Twitter's outstanding stock for as long as he's a board member and for 90 days after.
Musk, who has 80 million Twitter followers, purchased 73.5 million shares, worth about $3 billion. He has also raised the possibility with his massive and loyal Twitter following, that he could create a rival social media network.
