Twitter to appoint Elon Musk to board of directors after he becomes platform's largest shareholder

Twitter will appoint Tesla CEO Elon Musk to its board of directors following the disclosure that the billionaire entrepreneur has bought a 9.2% stake in the social-media platform.

The buy was reported Monday before U.S.-based stock markets opened and the same day Twitter filed a notice with the Securities and Exchange Commission about its intentions to appoint Musk to its board. 

Musk will be appointed to the board as a class two director. His term will expire at the company's 2024 annual meeting.

His 9.2% purchase instantly made Musk the largest shareholder of the company, owning 73.5 million shares of Twitter.

Following his announcement Monday, Musk – perhaps in jest – polled his followers on the platform about whether they want an edit button.  

Musk's announcement triggered a rise of more than 27% in the company's shares.