FILE – Tesla CEO Elon Musk attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. Elon Musk is taking a 9.2% stake in Twitter. Musk purchased approximately 73.5 million shares, according to a regulatory filing. (Patrick Pleul/Pool via AP, File)

 

NEW YORK (AP) — Elon Musk is joining Twitter’s board of directors a day after disclosing that the Tesla CEO took a 9% stake in the social media platform.

Twitter Inc. said in a regulatory filing Tuesday that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.

Musk, either alone or as a member of a group, won’t be allowed to own more than 14.9% of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.

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