Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company
Elon Musk, the world’s richest man, has declined the offer to join
- 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 has decided not to join our board. I sent a brief note to the company, sharing with you all here. https://t.co/lfrXACavvk— Parag Agrawal (@paraga) 1649646833000
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%.
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.
Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark— Elon Musk (@elonmusk) 1649549452000
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.
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.
Elon Musk joins Twitter’s board after acquiring a 9.2% stake, says “significant improvements” coming to the platform
Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter
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