ICYMI: For as long as Elon Musk is serving on Twitter’s board, and for 90 days after if he chooses to step down, he will not be allowed to own more than 14.9% of Twitter’s stock.
Musk had been quiet about his intentions for the purchase of a big stake in Twitter, indicating that he planned for the investment to be passive and that he did not intend to pursue a larger role in the company. The company announced the appointment on Tuesday, one day after Musk revealed that he had bought a 9.2% stake in the social media giant, a purchase that appeared to make him its largest shareholder. That news sent Twitter’s shares skyrocketing more than 20% on Monday.
“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months,” Musk tweeted in reply to Agrawal. “It is theoretically possible” to join a board in a “passive monitoring capacity,” said Joshua Mitts, a professor of corporate law at Columbia Law School. But the presumption is that someone would join a board to effectively exert influence on the company, he said. “It doesn’t mean that you couldn’t try and convince the SEC otherwise, but I think it would be an uphill battle,” Mitts said.
Dorsey stepped down as Twitter’s chief executive in November and plans to leave the company’s board when his term ends next month. Dorsey said Tuesday he was “really happy” about Musk’s joining the board.
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