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%
He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!
— Parag Agrawal (@paraga) April 5, 2022
The following are tweets from Twitter employees:
