Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. Musk is joining Twitter’s board of directors, one day after it was disclosed that the Tesla CEO took a 9% stake in the social media platform. Twitter Inc. said in a regulatory filing that it entered into an agreement with Musk on Monday, April 4, that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting. (AP Photo/Susan Walsh, File)
By Michelle Chapman
Elon Musk is joining Twitter's board of directors a day after revealing that he'd become the social media platform's largest shareholder with a 9% stake.
The billionaire has criticized Twitter publicly about its commitment to free speech. He's also run into trouble on the platform as the CEO of Tesla after financial regulators found he had posted inaccurate information about the company.
Musk is barred from owning more than 14.9% of Twitter’s outstanding stock while he sits on the board, Twitter Inc. said in a Tuesday regulatory filing.
Musk has been speaking with the company in recent weeks and Twitter CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board."
“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," Agrawal wrote.
Musk said he's looking forward to working with Agrawal and the board “to make significant improvements to Twitter in coming months!"
Musk wasted no time in weighing in on one of the biggest gripes Twitter users have about the platform late Tuesday, asking in a tweet if he should add an edit button.
“Now its time to get out the popcorn and watch the developments over the coming months with Musk on the board,” wrote Daniel Ives, who follows Twitter for Wedbush Securities.
Twitter's board will have 12 members with Musk. Jack Dorsey stepped down as CEO of Twitter last and his term on the board expires at an upcoming stockholders’ meeting on May 25. Three other board members have terms that are set to expire but have been nominated to retain their seats.
Dorsey tweeted Tuesday that Musk and Agrawal “both lead with their hearts, and they will be an incredible team.”
“I’m really happy Elon is joining the Twitter board! He cares deeply about our world and Twitter’s role in it,” Dorsey said.
After amassing 73.5 million Twitter shares worth a total of about $3 billion, Musk has not spoken specifically about any Twitter rule changes he might push.
In March, Musk told his 80 million followers on Twitter that he was “ giving serious thought ” to creating his own social media platform.
Musk is locked into a bitter dispute with the SEC over his ability to post on Twitter. His lawyer has contended in court motions that the SEC is infringing on the Tesla CEO’s First Amendment rights.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
