Yesterday we reported on Elon Musk and his purchase of $2.89 billion in Twitter stock, earning him a 9.2 percent stake in the social media platform.

At the time it was unknown what the end goal was, but the move seems to have won Musk a seat on Twitter’s board of directors.

Twitter’s newly appointed CEO, Parag Agarwal, confirming via tweet that Musk would be joining.

I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

— Parag Agrawal (@paraga) April 5, 2022

The US Securities and Exchange Commission (SEC) has also weighed in on matters, noting that Elon Musk will serve as a class II director at Twitter until 2024. The regulatory authority also stipulated what Musk is and is not able to do as a director, specifically pointing to how much stock he will be able to hold moving forward.

To that end, an SEC filing explained that:

“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. 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.”

It remains to be seen whether musk plans to add to his aforementioned 9.2 percent, but given the fact that he tweeted out another poll regarding an “edit button” for Twitter shortly after his stock purchase announcement, it seems like he is aiming to have a large say in what the social media platform does.

Given the fact that Twitter is not only a platform for brands and companies to get their messaging out there, but also features a public service element too, it is unclear whether a tech billionaire should have as much influence on it than he already has.

[Image – CC 0 Just Click’s With A Camera on Flickr]