Elon Musk, who recently acquired a 9.2% passive stake in Twitter, has become a board member of the social platform.
The deets
Being a board member will restrict Musk to owning a maximum of 14.9% stake in Twitter & until 90 days after he leaves the board.
Twitter also announced it is testing an edit button, after a tweet by Musk polling his 80 million followers whether they want an edit button, & almost 74% said “yse”.
Why this matters
Nowadays it seems an association with Elon Musk can have more significant effects on a stock than an earnings report. Investors are curious to know what Musk plans to do with Twitter in the long term. The good news is if Musk does decide to take an active stake, he’ll have to disclose his intentions publicly.
