Elon Musk to Join Twitter's Board of Directors After Becoming Biggest Stakeholder

Elon Musk is joining Twitter's board of directors a day after disclosing that the Tesla CEO took a 9 percent stake in the social media platform.

Twitter said in a regulatory filing Tuesday that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.

Musk, either alone or as a member of a group, won't be allowed to own more than 14.9 percent of Twitter's outstanding stock for as long as he's a board member and for 90 days after.

Twitter co-founder and former CEO Jack Dorsey also shared his excitement via a tweet. He said, "Parag and Elon both lead with their hearts, and they will be an incredible team."

Musk on Tuesday took to Twitter to post a poll, asking users if they wanted an edit button.

"Do you want an edit button?" Musk asked in the tweet.

Replying to Musk's poll, Twitter CEO Parag Agrawal tweeted that the consequences of the poll will be important. "Please vote carefully," he said.

Musk's poll received several replies, some in favour and some against — including The Liz Wheeler Show's Liz Wheeler (@Liz_Wheeler) who suggested that an edit button could be misused to change the meaning of a tweet entirely, after it has gained a lot of traction. Her tweet received a response from Meta CTO Andrew Bosworth (@boztank) who pointed out Facebook had already resolved this issue by designating such posts with an ‘edited' mark.

Musk, in his own inimitable style, responded to Bosworth saying "Facebook gives me the willies".

Musk's stake in Twitter is considered a passive investment, which means Musk is a long-term investor that's looking to minimise his buying and selling of the shares. However, Musk has been raising questions about the ability to communicate freely on Twitter, tweeting last month about free speech and the social media platform and industry analysts were sceptical about the mercurial CEO remaining on the sidelines anywhere.