Elon Musk is moving at rapid speed into the inner core of Twitter, after news broke that the SpaceX and Tesla founder had purchased a huge 9.2% stake in Twitter.
This gives Musk new powers within the walls of Twitter and their powers that be, with a new filing with the Securities and Exchange Commission (SEC) explaining: "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".
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