Elon Musk is to join the board of Twitter Inc (NYSE:TWTR) following news that the Tesla and SpaceX boss had bought a 9.2% stake in the social media company.
Twitter shares raced more than 30% on Monday to US$49.97 after the first reports of the rocketman’s investment.
The billionaire-entrepreneur-cum-Twitter-celebrity has in recent weeks publicly questioned Twitter’s policies in regard to free speech.
Twitter shares soar as Elon Musk takes 9.2% stake
It also comes after Musk’s row with the US Securities & Exchange Commission (SEC) over the information he tweeted about Tesla.
Twitter boss Parag Awahal said he was delighted that Musk had joined the board and discussions had been underway for several weeks.
Replying, Musk said that he was "looking forward to working with Parag & Twitter board to make significant improvements to Twitter in the coming months!"
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
— Parag Agrawal (@paraga) April 5, 2022
Musk also made headlines as he start a Twitter poll asking users whether they wanted an ‘edit’ button, allowing users to change published tweets.
On Tuesday, Twitter shares were indicated another 6.7% higher trading at US$53.31 in pre-market.