Twitter announced on Tuesday that it will provide a board seat for Elon Musk, and Tesla's founder plans to use this position to bring significant improvements to social media websites.

Musk reported in a regulatory document on Monday that he holds a 9% stake in Twitter, making it Twitter's largest shareholder. Looking forward to working with Parag and the Twitter board to make significant improvements to Twitter in the coming months, "Musk wrote on Twitter.

According to insiders, Musk will be involved in strategic decisions, including the direction of the Twitter Blue Sky project and the addition of editing buttons, but like all other board members, Musk will not have a say in the platform's review.

Musk's appointment may prevent him from making an acquisition offer, as as long as Musk is a member of the company's board of directors, he cannot own over 14.9% of Twitter shares as an individual shareholder or group member. Although Musk has not publicly expressed interest in acquiring the company, there are some speculations surrounding this fact.

According to this news, the company's stock price closed up 2% on Tuesday at $50.98, and rose more than 27% on Monday. Tesla's stock price fell 4.7%.

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