Twitter is appointing Tesla CEO Elon Musk to its board of directors, according to a filing with the US Securities and Exchange Commission. Musk will serve as a class II director until 2024. This is a type of position that can be used as an anti-takeover measure.
As noted by CNBC, Musk’s investment could set off more issues with the SEC. The SEC requires anyone with more than a 5 percent stake in the company to disclose their purchase within 10 days. Musk first acquired the shares on March 14th, 2022, and didn’t reveal that information until April 4th, 2022 — 21 days after the fact. According to CNBC, the SEC’s fines for this kind of violation typically aren’t exorbitant (for the world’s richest man at least), and tend to waver around the $100,000 mark.
He did that intentionally to show that he can flout the law whenever he wants and there’s nothing anyone can do about it
