According to new reports, the business magnate will serve on the board until 2024, during which his ownership in the company cannot surpass 14.9%. “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board,” CEO Parag Agrawal said. “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.” Jack Dorsey also added that “I’ve wanted Elon on the board for a long time.”
The appointment probably doesn’t come as a surprise given Musk’s recent purchase of 9.2% of Twitter, making him the single largest shareholder in the company for roughly $3 billion USD. The percentage gives him almost four times as many shares as the company’s founder himself, Dorsey. Prior to the transaction, Musk criticized Twitter over its policies on free speech and even expressed intent to create his own social media platform.