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Twitter to appoint Elon Musk to its board of directors: filing

Moomoo News ·  Apr 5, 2022 20:48  · Headlines

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$Twitter(TWTR.US)$ 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.

Twitter shares gained more than 6% in premarket trading on back of the announcement. 
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