TWITTER CEO Parag Agrawal revealed Sunday night that billionaire Elon Musk had declined to join the tech giant’s board of directors.
“Elon Musk has decided not to join our board,” wrote Agrawal. “I sent a brief note to the company, sharing with you all here.”
Agrawal said that he had numerous discussions with the board about Musk joining them, as well as discussions with Musk directly.
“We were excited to collaborate and clear about the risks. We felt that Elon was the best fiduciary for the company, where he, along with all board members must act in the company’s best interest and the best interests all our shareholders.
“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, but Elon shared that same morning that he will no longer be joining the board.
“I believe this is for the best. Our shareholders are valued, regardless of whether they are members or not. Elon is our largest shareholder, and we will continue to be open to his input.
“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute 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.”
If Musk did join Twitter’s board, it would have prevented him from owning more than 14.9 percent of the company. He currently owns 9.2 percent.
Musk’s stake in the company was worth about $2.89billion at the time his purchase had become public knowledge.
Agrawal, Tesla CEO and SpaceX co-founder, had discussed how the website could be improved with Twitter co-founder and Twitter cofounder.
Three men discussed the idea of shifting social media power to users and not large companies, giving people control over what is displayed on their timelines.
Musk’s position on the 11-person board, would have expired in 2024.
“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board,” Agrawal Tweeted April 5.
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”
Musk has been sharing his thoughts on the company since the announcement. He boasts more than 80 million followers. However, as usual with Mrs, it’s hard to when these thoughts are genuine or if he’s trolling.
More to follow…
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