Twitter will appoint Elon Musk to its board of directors nearly 24 hours after news broke that Musk had bought almost $3 billion in the company’s shares.

Driving the news: Twitter submitted a filing with the Securities and Exchange Commission Tuesday, calling Musk a class II director until 2024.

What they said: “The Company will appoint Mr. Musk to the Company’s Board of Directors (the ‘Board’) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders,” the filing said.

  • “For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.”

Flashback: On Monday, a filing from the SEC announced that Musk now owns 73,486,938 shares of Twitter, which is about 9.2% of the company’s stake, as I reported for the Deseret News.

  • That stake was worth about $2.89 billion at the end of the day Friday, per CNBC.

Of note: Musk now owns 9.2% of the company’s stake, which is more than Twitter founder Jack Dorsey, who currently holds about 2.25% of the company’s shares, according to BBC News.

Elon Musk just bought almost $3 billion in Twitter shares, making him largest shareholder
Elon Musk calls for Senate to not pass ‘Build Back Better’ Act
Elon Musk’s brain chip company is getting closer to human trials

The bigger picture: Musk has been a noted Twitter critic over the last few months, saying that Twitter might not be offering free speech.

  • Musk’s seat on the board of directors reportedly limits a takeover, especially with the class II director designation.
  • Wedbush analyst Dan Ives told CNBC on Monday that “Musk could try to take a more aggressive stance here on Twitter. This eventually could lead to some sort of buyout.”
  • “This makes sense given what Musk has at least been talking about, at least from a social media perspective,” Ives said.