Elon Musk will not be joining Twitter’s board of directors, according to Twitter CEO Parag Agrawal in a statement to the business. Following his acquisition of 9.2 percent of the company’s shares last week, Agrawal stated that Musk would be named to the board, but now claims that Musk has decided not to take the position.
“On Tuesday, we announced that Elon will be nominated to the Board, subject to a background check and formal acceptance,” adds Agrawal. “Elon’s appointment to the board was set to take effect on April 9, but Elon announced the same day that he would not be joining the board. This, I believe, is for the best. Whether or whether our stockholders are on our Board, we have always valued their input. Elon is our largest shareholder, and we will continue to listen to his suggestions.”
Musk would not have been able to control more than 14.9 percent of Twitter if he had joined the board of directors. Musk’s stake in Twitter was valued at $2.89 billion at the time of his purchase becoming public.
Since Musk’s Twitter ownership was revealed, the Tesla and SpaceX CEO has been publicly tweeting his ideas for the firm — but it’s difficult to tell when he’s just trolling, as is the case with Musk. The day before the company revealed that it will introduce the long-requested feature, he tweeted a poll asking if Twitter should have an edit button. More recently, he tweeted ideas like incorporating verification checkmarks with the paid Twitter Blue service or transforming Twitter’s San Francisco headquarters to a homeless shelter “because no one shows up anyhow” on the same day he supposedly told Twitter he wouldn’t join the board.
Here’s the complete text of Agrawal’s message:
Elon Musk has declined to join our Board of Directors. Here’s what I have to say about what occurred.
The Board and I had numerous conversations about Elon joining the board, as well as personally with Elon. We were both enthusiastic to collaborate and aware of the dangers. We also believed that appointing Elon as a business fiduciary, in which he, like all board members, is obligated to act in the company’s and all of our shareholders’ best interests, was the best road ahead. He was offered a seat by the board.
On Tuesday, we announced that Elon would be named to the Board of Directors, subject to a background check and formal acceptance. Elon’s appointment to the board was set to take effect on April 9, but Elon announced that he would no longer be joining the board on the same day. This, I believe, is for the best. Whether or whether our stockholders are on our Board, we have always valued their input. Elon is our largest shareholder, and we will continue to listen to his suggestions.
There will be distractions in the future, but our objectives and priorities will stay the same. We are solely responsible for the decisions we make and the manner in which we carry them out. Let’s block out the distractions and keep focused on the task at hand.
