Musk took a 9.2% passive stake in the company.
Highlights
- Elon Musk named to Twitter’s board.
- The Tesla CEO took a 9.2% passive stake in the company.
- Twitter CEO tweeted he would push for changes to the product.
- Jack Dorsey praised the move, saying Musk “cares deeply about our world and Twitter’s role in it” Musk’s term is set to expire in 2024, according to a filing with the SEC with 90 days after he was named to the board.
- After the stake was revealed Monday, investors pushed the stock up 27%, its best day since its IPO in June, as well as its best-day day since it was announced Monday as Musk took to Twitter to poll users on an edit button.