Elon Musk is joining Twitter’s board of directors after it was disclosed that the Tesla CEO took a 9% stake in the social media platform.
suggested that it only be available for a few minutes after being posted, and that edited tweets also contain a link showing the change made. Since becoming Twitter’s largest shareholder, industry analysts and legal experts say Musk could begin advocating for changes at Twitter immediately if he chooses. Musk’s stake in Twitter is now more than four times the size of Dorsey’s, who had been the largest individual shareholder, according to the Associated Press.
FILE IMAGE - Tesla CEO Elon Musk is pictured as he attends the start of the production at Tesla's"Gigafactory" on March 22, 2022, in Gruenheide, southeast of Berlin. Twitter’s stock surged nearly 30% Monday. Since March 14, the date listed on filing by Twitter, its shares are up nearly 50%, meaning that Musk’s investment has paid handsomely — so far.
The funding was far from secured and the electric vehicle company remains public, but Tesla’s stock price jumped. The settlement came after the SEC brought a securities fraud charge. It specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of his tweets.
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