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In the latest development, Elon Musk has decided not to join the Twitter Board, informed the microblogging site’s chief executive officer, Parag Agrawal. However, the Twitter CEO said the Board would “remain open” to Musk’s input.
Last week, Elon Musk had become the biggest shareholder in Twitter Inc. with a 9.2% stake in the company, and it was announced that the SpaceX and Tesla CEO would soon be joining the Board. Parag Agrawal shared a lengthy note on Twitter about the decision.
“Elon Musk has decided not to join our Board. Here’s what I can share about what happened. 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,” Agrawal tweeted.
“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 (April 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,” Agrawal wrote.
“There will be distractions ahead, but goals and priorities remain unchanged. The decisions we make and how we execute it 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,” Agrawal concluded.
Earlier this month, it was revealed that Elon Musk Revocable Trust owned a whopping 73.5 million shares, making Musk the most significant stakeholder on Twitter. Musk has been criticizing Twitter lately and wanted to add an Edit Button to the popular social media platform. However, it would be interesting to see how much Twitter values Musk’s inputs in the coming days.
In a recent tweet, Musk asked users in a poll, “Delete the w in twitter?” However, he later deleted the poll.