Elon Musk will be part of Twitter‘s board of administrators after taking a 9.2% stake within the social media firm, based on a release filed with the SEC.

Shares have been up greater than 5% in premarket buying and selling.

“By means of conversations with Elon in current weeks, it grew to become clear to us that he would deliver nice worth to our Board,” CEO Parag Agrawal stated in a tweet.

“He is each a passionate believer and intense critic of the service which is strictly what we’d like on Twitter, and within the boardroom, to make us stronger within the long-term,” he added.

Musk will function a Class II director on the board, along with his time period expiring in 2024, based on the submitting. For his whole board time period or 90 days after, Musk can’t be the useful proprietor of greater than 14.9% of the corporate’s widespread inventory excellent.

Musk’s buy comes after a bout of criticizing the social media firm.

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