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Musk already tweeted that he is looking forward to working with them, while the CEO greeted his presence and said that they will offer him a seat at the board. Parag Agrawal, Twitter’s CEO also added that Elon was many times critical towards them and that he is just the person they need, in hopes he will be able to revive the popularity of Twitter.
Musk will still be recognised as a passive holder because you need to own above 10% of stocks to be active. Usually, passive shareholders do not try to exert much control over a company’s decisions, however Elon might be the exception to that rule. He will still need support from other shareholders if he wants to propose any change. Considering he is an extremely high-profile person and investor; he is in a good position to push for changes.
Elon will be able to serve at the board of directors until 2024. Until the expiration of this term and 90 days after, he is not entitled to own more than 14,9% of Twitter.
Movement of Twitter in the last 5 years. (Source: Trading Economics)
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