Social media company confirmed it has been working on an editing feature since last year after the Tesla chief executive runs a poll asking followers if they would like it added to the site
Twitter has appointed Elon Musk to its board after the billionaire co-founder and chief executive of electric vehicle maker Tesla bought a 9.2 per cent passive stake in the social media company to become its single largest shareholder.
Mr Musk will “serve as a Class II director with a term expiring at the company’s 2024 annual meeting of stockholders,” Twitter said, in a Securities and Exchange Commission filing before markets opening on Tuesday in the US.
“For so long as Mr Musk is serving on the Board and for 90 days thereafter, Mr Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9 per cent of the company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions,” the statement said.
Twitter chief executive Parag Agrawal said he was “excited” about Mr Musk’s appointment.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board,” he said in a tweet. “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. Welcome Elon!”
Jack Dorsey, the founder of Twitter, said he was “really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it”.
“Parag and Elon both lead with their hearts, and they will be an incredible team,” he said on Twitter.
Shares of Twitter jumped about 7 per cent in premarket trading to $53.38 on Tuesday. Twitter’s stock price soared more than 27 per cent on Monday after Mr Musk bought about 73.5 million shares of the company, worth about $3 billion, according to an SEC filing.
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