Twitter Stock Extends Leap As Tesla CEO Elon Musk Wins Board Seat

Updated at 11:16 am EST

Twitter  (TWTR) – Get Twitter, Inc. Report shares extended gains Tuesday after Tesla  (TSLA) – Get Tesla Inc Report CEO Elon Musk was given a seat on the board of the micro-blogging website just days after revealing a major stake in the group.

Musk will be named a ‘class II’ director at Twitter for a period of two years, the company said, in exchange for an agreement that the billionaire investor won’t increase his stake to more than 14.9% of the group’s outstanding shares.

Musk, who revealed a “passive” 9.2% stake in the group through a Securities and Exchange Commission filing yesterday, is now Twitter’s largest individual shareholder. Musk Tweeted that he hoped to make “significant improvements to Twitter in the coming months”.