$Twitter(TWTR.US)$ shares are trading higher after the company appointed Elon Musk to the company's board of directors.
Twitter disclosed on April 5, 2022, it has entered into a letter agreement with Elon Musk according to an 8-K filing from the company, which provides that:
The Company will appoint Mr. Musk to the Company's Board of Directors to serve as a Class II director with a term expiring at the Company's 2024 Annual Meeting of Stockholders.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.