The Dow Jones Industrial Average dropped Tuesday. Tesla CEO Elon Musk is set to join Twitter's board of directors. Read More...
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Elon Musk Named to Twitter’s Board. He Can’t Own More Than 14.9% of the Stock.
Elon Musk will serve on Twitter board of directors, the company said in a filing on Tuesday, a day after the billionaire and Tesla chief executive disclosed he had become the social media platform’s largest shareholder with a 9.2% stake. The company appointed Musk to the board as a Class II director with a term expiring at the company’s 2024 annual shareholder meeting. Musk, either alone or as a member of a group, will not be able to become a beneficial owner of more than 14.9% of Twitter (ticker: TWTR) stock for as long as he sits on the board and 90 days after, according to the filing.
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