Elon Musk Buys a 9% Stake In Twitter

Elon Musk has been appointed to Twitter’s board of directors after purchasing a 9.2% stake in the company — the $2.9 billion investment makes him the largest shareholder. 

The company released the news early in the week, causing an increase of shares by up to 27%. Twitter’s CEO Parag Agrawal tweeted how excited the team was to bring Musk in, and how after speaking with him recently the Twitter board is sure Musk will be a great addition. Musk is already one of Twitter’s most popular users, racking in over 80 million followers on the app. 

Elon Musk announced he will be working with Agrawal and the Twitter board to make new improvements to the app within the coming months. Musk’s seat on the board will extend through 2024 as of now, and users can expect many changes to the app in the coming years.