Elon Musk joins Twitter's board after becoming its largest shareholder

Tesla CEO Elon Musk is joining Twitter's board of directors, a day after disclosing that he owns a 9.2% stake in the social media platform.

Twitter Inc. said in a regulatory filing Tuesday that it entered into an agreement with Musk on Monday that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.

"Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board," Twitter CEO Parag Agrawal said on Tuesday morning.