“I’m excited to share that we’re appointing @elonmusk to our board!” Twitter CEO Parag Agrawal tweeted on Tuesday.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”
Agrawal added: “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!”
Musk responded to Agrawal: “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
On Monday it was announced that Musk bought 73.5 million shares of the company, which are worth an estimated $2.89 billion.
Due to Twitter’s share structure, Musk’s stake in the company will give him far more influence over the site’s operations than can be exerted by outside investors in tech giants like Meta or Google.
While Mark Zuckerberg holds special dual-class shares that effectively allow him to override Meta investors’ objections and do whatever he wants, Twitter only has one class of shares. That means Twitter shares held by founder Jack Dorsey give Dorsey the same voting power as shares held by Musk.
In a demonstration of the power that can be wielded by Twitter investors, Dorsey stepped down as Twitter’s CEO in 2021 following a heated activist campaign from shareholder Elliott Management. Elliott held around 4% of Twitter shares at the time — less than half of Musk’s current stake.