Twitter announced Tuesday that Elon Musk will join its board, one day after the Tesla CEO disclosed a large stake that made him the social media company’s largest shareholder.
“I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” Twitter CEO Parag Agrawal said in a tweet.
Musk, who also leads the SpaceX venture and is the world’s richest man, had the day prior announced his purchase of 73.5 million shares or 9.2 percent of Twitter’s common stock, sending the company’s value up more than 27 percent on Wall Street.
The billionaire’s investment had fueled speculation about a takeover of the microblogging platform, which is influential in the political and media worlds but for which profitable growth has often proved elusive.