Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company

Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company
Elon Musk has declined an offer to take a seat on Twitter's boardBusiness Insider India
  • Elon Musk, the world’s richest man, has declined the offer to join Twitter’s board of directors after acquiring a 9.2% stake in the company.
  • Earlier last week, Musk and Twitter CEO, Parag Agrawal, broke the news that Musk has been appointed to Twitter's board.
  • The appointment was scheduled to come into effect on April 9, but Musk turned down the offer.
  • Musk has been running polls and posting his opinion about several things related to Twitter, including the much-requested edit button and hot issues like freedom of speech.
Elon Musk has declined the appointment to Twitter’s board of directors, a week after acquiring a 9.2% stake in the social media company. The announcement was made by Twitter's new chief executive officer, Parag Agrawal.

The Tesla cofounder was earlier appointed to the board of directors of Twitter, but on the day of his appointment going into effect, Musk declined the offer.

Twitter shares are up 18% in April so far. On the day the news broke of Musk acquiring a 9.2% stake in the company, Twitter shares rose as much as 29%.
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Interestingly enough, while Agrawal has been publicly welcoming of Musk’s appointment to the company’s board, he also stated that Musk declining the offer is “for the best”, which leaves room for interpretation, and why it took so long for Musk to deny the board seat.

Agrawal’s memo, sent to everyone in the company, also talks about distractions and tuning out the noise, stating that decisions and their execution is in Twitter’s hands, no one else’s.

On its own, this seems like run-of-the-mill memo, but with the context of everything that Musk has been talking about on Twitter, it might be possible that there was some friction between Musk and Agrawal.

For instance, apart from the edit button, Musk has been talking about several things like Twitter Blue, a premium service that gives access to certain features and customisations not available to other users.

Apart from this, Musk also posted that the Twitter headquarters in San Francisco should be converted into a homeless shelter, since no one works out of the company’s offices there.

While people initially thought this was just banter, Musk later clarified that he was serious about it.

Apart from this, Musk has been running polls of late about Twitter, on Twitter, asking his followers to give their opinions about matters like freedom of speech on the platform, as well as the highly-requested edit button.

Musk had also acknowledged the problem of cryptocurrency spam on the platform, apart from saying how a Twitter Blue subscription that gives a checkmark would help reduce the overall bot/spam problem on Twitter.


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