Microblogging site Twitter on Tuesday announced that it is appointing Tesla CEO Elon Musk to the company's board of directors.
The announcement was made by Twitter CEO Parag Agrawal.
"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," Agrawal 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! 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," Agrawal added.
In response, Musk tweeted he is "looking forward to working with Parag and Twitter board to make significant improvements to Twitter in coming months!"
A day earlier, Musk had disclosed that he had taken a nine per cent stake in the social media platform.
Twitter said in a regulatory filing on Tuesday that it plans to appoint the Tesla and SpaceX CEO to its board for a term that ends in 2024. As part of the deal, Musk has agreed not to acquire more than 14.9 per cent of the company's shares while he remains on the board, CNN reported.
( With inputs from ANI )
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