Twitter (NYSE:TWTR) announced today it will appoint Tesla (NASDAQ:TSLA) CEO Elon Musk to its Board of Directors.
Musk will serve as a Class II director with a term expiring at the Company's 2024 Annual Meeting of Stockholders, Twitter said in a filing.
Twitter and Musk agreed for the latter to become a Director in exchange for Musk agreeing not to own more than 14.9% of Twitter's shares.
Twitter CEO Parag Agrawal tweeted:
I'm excited to share that were 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.
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!
Musk responded:
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
Earlier today, Agrawal warned Twitter users to vote carefully on Musk's poll concerning the edit button.
The consequences of this poll will be important, Agrawal said.
Nearly 3 million Twitter users voted in the poll so far with over 73% in favor of Twitter introducing an edit button.
Twitter stock price is up nearly 7% in pre-open Tuesday.
By Senad Karaahmetovic