Twitter is putting Elon Musk on the board. The move comes less than 24 hours after Musk disclosed a new billion dollar position within the company. It makes him the largest shareholder. The decision likely hopes to forestall a lengthy public battle over Twitter’s future.
Musk’s term as a director will last until 2024, and under the new agreement with Twitter, Musk is prohibited from acquiring more than 14.5% of the company, a clause meant to limit how much power he can weild over Twitter.
Musk on Monday disclosed a stake in Twitter worth approximately $3 billion, some 9.2% of the company’s shares. The large investment instantly turned Musk, a popular presence on the social media site, into a presence the corporation couldn’t ignore unless it wanted to risk Musk making a push to overturn its leadership.
Musk said that Twitter should have better free speech policies and reduce moderation efforts. This is contrary to other social media platforms like Meta, which Musk claims he supports. Also, he expressed a desire that Twitter be decentralized and open up its algorithm to allow users to change how content appears in their feeds. These are similar to ideas by Parag Agrawal and Jack Dorsey.