Written by Nick Heer.

Elon Musk to Join Twitter’s Board of Directors, Capping His Financial Involvement in the Company

Jessica Bursztynsky, CNBC:

Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company. The news sent shares up more than 6% in the morning.

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Musk’s term is set to expire in 2024, according to a filing with the SEC. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.

This arrangement should give him the influence he so clearly desires without permitting the whole-cloth takeover otherwise possible due to his wealth. It still looks hinky from a regulatory perspective, but I am sure the SEC knows how to find Musk.

Update: As of April 10, Musk will not join Twitter’s board.