After acquiring a 9.1% stake in Twitter, and then being offered a seat on the company’s board, Elon Musk “has decided not to join our board”, explained Twitter CEO Parag Agrawal on Sunday evening.
“Team, Elon Musk has decided not to join our board. Here’s what I can share about what happened,” wrote Agrawal on Sunday.
“The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat,” detailed Agrawal.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input,” added the Twitter CEO.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building,” concluded Agrawal.
Part of the board seat limited Musk from acquiring over 14.9% of Twitter, thus stopping chances of a hostile takeover of the social network.
It’s unclear what Musk’s decision-making was in his decision to no longer join the board, but stay tuned as the Tesla and SpaceX CEO will likely chime in shortly. We’ll update this post accordingly.
Yesterday, Musk said everyone who is paying for the Twitter Blue subscription service “should get an authentication checkmark”, as he continues to share his thoughts on what the social network needs to change.
Musk also suggested Twitter’s San Francisco headquarters should be covered to a homeless shelter, “since no one shows up anyway.” He then responded to a reply linking to a video of Carl Icahn talking about his first activist investment, with “exactly”.
Exactly
— Elon Musk (@elonmusk) April 10, 2022
Elon Musk on Sunday evening shared a laughing emoji, in reaction to what appears to be the Twitter CEO’s announcement:
https://twitter.com/elonmusk/status/1513373170333487104?s=21&t=qYBsKBuoUL3WDCgtDByX4g
