Twitter agrees to appoint Elon Musk as a Class II Board Member for two years on May 25th, 2022

That escalated quickly

Twitter has filed an 8-K form detailing its agreement Elon Musk. At the next annual shareholder’s meeting, to be held on May 25th, 2022, he will be appointed a class II member of the board of directors for two years. During this time, and for 90 days after, he will refrain from owning more than 14.9% of all shares of Twitter.

Companies with “staggered boards” have different classes of board members. A class II board member means they serve for two years. Staggered Boards are used by some companies as a safeguard against hostile take-overs.

According to SEC 13G filings. There are currently four entities that own more than 5% of Twitter.

Elon Musk 9.2%
Vanguard Group 8.8%
Morgan Stanley 8.4%
Blackrock 6.5%

The following are tweets from Twitter employees:

Inline Feedbacks
View all comments