(KRON) – One day after Elon Musk announced he owned a 9.2% stake in Twitter, Inc., the social media platform announced it will add the Tesla, Inc. CEO to its board of directors.
Musk’s term will last until 2024. Musk is Twitter’s largest stakeholder, according to the Associated Press. Longtime CEO Jack Dorsey, who co-founded the platform, stepped down late last year.
Twitter stock is up 30% since Monday. Musk is a prolific user of Twitter, who has sometimes gotten in hot water with financial regulators over it.