Elon Musk is joining Twitter’s board of directors a day after disclosing that he had taken a 9% stake in the social media platform.

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

Mr Musk, either alone or as a member of a group, will not be allowed to own more than 14.9% of Twitter’s outstanding stock for as long as he is a board member and for 90 days after.