Starting a revolution from within? Elon Musk joins Twitter's board of directors

Twitter officials said the company will appoint Tesla CEO Elon Musk as a second-level director on its board of directors for a two-year term that expires at the 2024 annual meeting.

BitPush previously reported that Musk already holds a 9.2% stake in social media giant Twitter. Musk previously tweeted about the future of social media and whether it should be decentralized. When asked whether he would create a new decentralized social platform, Musk said he was seriously considering it.

As long as Mr Musk serves on the board, he cannot own more than 14.9 per cent of the company’s common stock for 90 days thereafter, the company said in a securities filing.

Twitter CEO Parag Agrawals said in a tweet: "Through conversations with Elon in recent weeks, it has become clear that he will bring tremendous value to our Board. He is both a passionate believer and a fierce critic, which is exactly what we need at Twitter and on our Board to make us stronger for the long term. Welcome Elon!"

Musk responded on the social media platform. "Looking forward to working with Parag and the Twitter Board to make great improvements to Twitter in the coming months!"

Musk disclosed in a filing with the Securities and Exchange Commission on Monday that he owned nearly 73.5 million Twitter shares as of March 14, making him the company’s largest individual shareholder, according to FactSet. In recent weeks, he has spoken publicly about Twitter’s commitment to free speech and said he is considering building a rival social media platform of his own.

On March 25, Musk posted a poll on Twitter, saying "Freedom of speech is essential to a functioning democracy. Do you trust Twitter to strictly adhere to this principle? The results of this vote are important. Please vote carefully." In the end, more than 70% of the approximately 2 million participants voted against it.