Elon Musk, the world’s richest man and the biggest shareholder of Twitter, has decided against joining the board, says Twitter CEO Parag Agarwal
Elon Musk has declined an invitation to join Twitter’s board, according to the company, less than a week after the billionaire Tesla CEO revealed he is the social media company’s largest shareholder and was offered a seat.
This development comes after Elon Musk bought a 9.2 percent stake in Twitter, which entered into an agreement with the billionaire in which he would become a board member until the 2024 annual shareholders’ meeting, according to reports.
According to Mr. Agrawal, Elon’s appointment as a board member was to take effect on April 9, Saturday, but he informed the staff that morning that he would no longer be joining the board.
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
“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,” the Twitter CEO said in a note to staff.
“There will be distractions ahead but our goals and priorities remain unchanged” he added and urged the employees to “tune out the noise”.
Mr. Agrawal did not elaborate on why Musk reversed his decision, but he did note that the board appointment was contingent on a thorough background check as well as Musk’s formal acceptance. Right after Agrawal’s announcement, Musk tweeted an emoji of a face with a hand over its mouth which was deleted shortly later.
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