Elon Musk has been named a board director of Twitter with a term that will expire in 2024, the company announced. $TWTR was up about 9% in premarket trading after shares surged 27.1% in Monday’s session.
Twitter TWTR, +6.58% announced Tuesday morning that Musk has been named a board director with a term that will expire in 2024. The announcement comes a day after disclosures revealed that Musk had taken a 9.2% stake in Twitter, making him the largest holder of Twitter’s common stock.
Twitter noted that as part of Musk’s board involvement, he “will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the company’s common stock outstanding,” according to a filing with the Securities and Exchange Commission. That condition applies for as long as he is on the board, and for 90 days after that.
Following the announcement of Musk’s Twitter stake Monday, some analysts speculated that the Tesla TSLA, -0.37% executive was interested in bringing about changes to Twitter’s platform. He has criticized the company’s moderation policies in the past, and back in March he posted a Twitter poll asking whether followers thought that Twitter “rigorously adheres” to free speech, adding that “the consequences of this poll will be important.
“While it remains unclear, it is possible that Musk may have been motivated by the fact that 70% of his 2M+ poll respondents said that they didn’t think TWTR rigorously defended free speech,” Jefferies analyst Brent Thill wrote in a note to clients late Monday.
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