Elon Musk will not join Twitter board, says CEO Parag Agarwal
Highlight
- Musk becomes Twitter’s largest shareholder
- Aggarwal offered no explanation for Musk’s apparent decision
- Musk’s 80.5 million Twitter followers make him one of the most popular figures on the platform
Microblogging site Twitter announced on Monday that Tesla CEO Elon Musk will not be joining the company’s board of directors. Twitter CEO Parag Agarwal made this announcement.
Sharing the note, Agarwal tweeted, “Elon has decided not to join our board. I have sent a short note to the company, sharing it with all of you.”
As per the note, Musk who was due to officially join Twitter’s board on April 9, shared the same morning that he would no longer be on the board.
“The Board and I had several discussions about Elon joining the board and directly with Elon. We were excited to collaborate and clarify the risks. We also believed that Elon would be considered as a subsidiary of the company. where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best path forward. The board has offered him a seat,” read the note.
“We announced on Tuesday that Elon would be appointed to the board team upon background checks and formal approval. Elon’s appointment to the board was to officially take effect from 4/9, but Elon shared the same morning that he was now joining There will be no. Board. I believe it is for the best.”
The note further added that Twitter will still be open to input from the Tesla CEO, who is also a shareholder of the social media platform.
“We always value the input we have from our shareholders, whether they are on our board or not,” it added. Elon is our largest shareholder and we will be open to his inputs.
On April 4, Elon Musk announced his joining of Twitter’s board of directors, a day after revealing that the Tesla CEO has taken a 9 percent stake in the social media platform. Twitter Inc. said in a regulatory filing that it had struck a deal with Musk that would give the billionaire a seat on its board, the term of which expires at the 2024 annual shareholders meeting.
Musk, who has 80 million Twitter followers, had bought 73.5 million shares for about $3 billion. He also raised the possibility, with his huge and loyal Twitter following, that he could create a rival social media network.
Musk did not speak specifically about any Twitter rule changes, tweeting that he “looks forward to significantly improving Twitter in the coming months!”
Late Monday they launched a survey asking whether users wanted an edit button, misspelling “yes” as “yse.”
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