NATIONAL NEWS

Elon Musk to join Twitter’s board

Apr 5, 2022, 7:32 AM | Updated: Jun 20, 2022, 12:43 pm
FILE: Elon Musk speaks at the 2020 Satellite Conference and Exhibition on March 9, 2020, in Washing...
FILE: Elon Musk speaks at the 2020 Satellite Conference and Exhibition on March 9, 2020, in Washington. (Photo by Win McNamee/Getty Images)
(Photo by Win McNamee/Getty Images)

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

Twitter Inc. 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% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.

Twitter CEO Parag Agrawal said in a tweet that the company had been talking to Musk in recent weeks and “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,” Agrawal continued.

Putting Musk on Twitter’s board and limiting the amount of stock he can acquire while as a director may be a strategic move on Twitter’s part, as Musk became its biggest shareholder and openly questioned the social media platform’s dedication to free speech and the First Amendment.

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.

Musk has not spoken specifically about any Twitter rule changes he might push. He tweeted Tuesday that he wants to make “ significant improvements to Twitter in coming months! ” Late Monday he launched a poll asking whether users want an edit button, misspelling “yes” as “yse.”

In March, Musk told his millions of followers on Twitter that he was “ giving serious thought ” to creating his own social media platform, and has clashed repeatedly with financial regulators about his use of Twitter.

Musk is locked into a bitter dispute with the SEC over his ability to post on Twitter. His lawyer has contended in court motions that the SEC is infringing on the Tesla CEO’s First Amendment rights.

Shares of Twitter rose more than 6% before the market open.

KSL 5 TV Live

Top Stories

National News

Noodle, the pug, is held....
Zoe Sottile, CNN

Noodle, the TikTok-famous ‘bones or no bones’ pug, has died

(CNN) — Noodle, the geriatric pug who captured hearts across the internet for his “bones or no bones” ritual, has died at age 14, his owner says. Jonathan Graziano, Noodle’s owner, announced that his beloved dog died on Friday, in a tearful update posted to his TikTok and Instagram. “This is incredibly sad, it’s incredibly […]
15 hours ago
Rapper Takeoff with a microphone...
LEKAN OYEKANMI and JAKE BLEIBERG Associated Press

Man arrested in fatal shooting of Migos rapper Takeoff

Police in Texas have announced an arrest in last month's shooting death of the performer Takeoff. Houston police said Friday that 33-year-old Patrick Xavier Clark was charged with murder and has been arrested in connection with the rapper's death. Born Kirsnick Khari Ball, Takeoff was the youngest member of Migos, the Grammy-nominated rap trio from suburban Atlanta that also featured his uncle Quavo and cousin Offset. Police have said the 28-year-old was fatally shot outside a bowling alley after a private party. Police said Friday that the shooting followed a dispute over a game of dice, but that Takeoff was not involved and was an innocent bystander.
15 hours ago
A flyer seeking information about the killings of four University of Idaho students who were found ...
Elizabeth Wolfe and Mallika Kallingal, CNN

Moscow police say a sixth person on the lease isn’t involved in the Idaho student killings

The Moscow Police Department said on Friday that they don't believe a sixth person listed on the lease at the residence, where four University of Idaho students were killed last month, was involved in their deaths.
2 days ago
FILE: This 2003 electron microscope image made available by the Centers for Disease Control and Pre...
AMANDA SEITZ, Associated Press

US plans end to mpox public health emergency in January

The federal government plans to end in January the public health emergency it declared earlier this year after an outbreak of mpox left more than 29,000 people across the U.S. infected.
2 days ago
FILE - This undated artist rending provided by the U.S. Air Force shows a U.S. Air Force graphic of...
TARA COPP Associated Press

Pentagon debuts its new stealth bomber, the B-21 Raider

The United States' newest nuclear stealth bomber is making its public debut after years of secret development. The new bomber is part of the Pentagon's answer to rising concerns over a future conflict with China.
2 days ago
FILE: LONDON, ENGLAND - AUGUST 03:  The Airbnb logo is displayed on a computer screen on August 3, ...
Shay O'Connor

Families of tourists found dead in Mexico Airbnb plan to file lawsuit

A news conference was held Thursday with the mothers who lost their children last month in Mexico to carbon monoxide poisoning at an Airbnb.
2 days ago

Sponsored Articles

house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 reasons you may want to consider apartment life over owning a home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Take this quiz before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t let a ransomware attack get you down | Protect your workplace today with cyber insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
Elon Musk to join Twitter’s board