Home Message service Elon Musk won’t join Twitter’s board after all

Elon Musk won’t join Twitter’s board after all

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Elon Musk will no longer join Twitter’s board of directors, Twitter CEO Parag Agrawal announced in a message to the company. Agrawal confirmed last week that Musk would be named to the board following his purchase of 9.2% of the company’s shares, but now says Musk has decided not to take the seat.

“We announced on Tuesday that Elon would be appointed to the board subject to background checks and formal acceptance,” Agrawal said. writing. “Elon’s appointment to the board was to become officially effective on 9/4, but Elon shared that morning that he will no longer be joining the board. I believe it is for the best. We and will always appreciate feedback from our shareholders, whether or not they serve on our Board of Directors. Elon is our main shareholder and we will remain open to his contribution. »

Joining Twitter’s board would have prevented Musk from owning more than 14.9% of the company. At the time Musk’s purchase became public, his Twitter stake was worth $2.89 billion.

Ever since Musk’s Twitter stake came to light, the Tesla and SpaceX CEO has publicly tweeted his ideas for the company — though, as always with Musk, it’s hard to tell when he’s just trolling. He posted a poll on whether Twitter should have an edit button the day before the company confirmed that it would indeed add the long-requested feature. More recently – on the same day he apparently told Twitter he wouldn’t be joining the board, in fact – he tweeted suggestions like including verification checkmarks with the paid Twitter Blue service, or convert Twitter’s San Francisco headquarters at a homeless shelter “since nobody shows up anyway.”

Here is Agrawal’s full message:

Elon Musk has decided not to join our board of directors. Here is what I can share about what happened.

The board and I have had many discussions about bringing Elon to the board, and directly with Elon. We were happy to collaborate and clarify the risks. We also believed that having Elon as a trustee of the company where he, like all board members, must act in the best interests of the company and all of our shareholders, was the best way forward. The council offered him a seat.

We announced on Tuesday that Elon would be appointed to the board subject to a background check and formal acceptance. Elon’s appointment to the board was supposed to officially become effective on 9/4, but Elon shared the same day that he would no longer be joining the board. I believe it is for the best. We and will always appreciate feedback from our shareholders, whether or not they serve on our Board of Directors. Elon is our main shareholder and we will remain open to his contribution.

There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute them are in our hands, no one else’s. Let’s ignore the noise and stay focused on the work and what we’re building.