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Elon Musk, the founder of Tesla and SpaceX, had joined the Twitter Board of Directors. He announced on Tuesday, April 5th, that he had become a board member of Twitter.
But how? Let's dive into why. First of all, you can't just join any company's Board of Directors. You have to be invited by the company. Musk did this by buying 9.2% of the company for 2.64 billion dollars, becoming the company's largest shareholder.
He was then the 12th member, but another member, Jack Dorsey, has left, so he is now the 11th member.
This also means that Musk will control 9% of Twitter's shareholder votes, so this is a big advantage in business for him.
Surprisingly, he actually backed out of the whole thing, so he is not a board member anymore, but he still controls that 9% of their shareholder votes.
He then made a deal with Twitter to buy the social media giant for 44 billion dollars, was about to go through with the deal, and has just recently backed out of that, too! He will very likely be facing fines in the future for backing out this late.
By Armaan Dhawan
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