Elon Musk, who took the title of biggest shareholder by buying 9.2% of Twitter last week, gave up on joining the Twitter board of directors. The statement was made by the Twitter CEO.
It was announced last week that it became the largest shareholder by purchasing 9.2% of Twitter. Elon Musk He would also join the company’s board of directors. In fact, Twitter CEO Parag Agrawal said in a statement that Elon Musk joined the board Musk also announced that he was looking forward to working together.
But today things have turned around. Twitter CEO Parag Agrawal in his new announcement this morning Elon Musk will not join the board of directors explained. Along with this announcement, the CEO also shared the message he sent to the company employees. In this message, it was also shared why Musk did not join the board of directors.
Musk disagrees with Twitter’s board:
“Elon has decided not to join our board of directors. I sent a short note to the company, sharing it with you all here.
(Shared note) The team has decided not to join our Elon Musk board of directors. Here is what I can share about what happened.
The board of directors, myself and Elon directly had many conversations about Elon joining the board. We were excited about collaborating and being open about the risks. Also, like all board members, we believed it was best to have Elon as the trustee of a company that must act in the best interests of the company and all of our shareholders. The board offered him a seat.
On Tuesday, we announced that Elon will be appointed to the Board, subject to a background check and formal acceptance. Elon’s appointment to the board of directors was due to take effect 4/9, but Elon shared that same morning that he would no longer be joining the board. I believe this is the best. We always value the input of our shareholders, whether they are on our Board of Directors or not. Elon is our largest shareholder and we will be open to his contributions.
There will be distractions ahead, but our goals and priorities have not changed. The decisions we make and how we implement them are in our hands, no one else’s. Let’s reduce the noise and focus on our business and what we’re building.”
Twitter’s board accepted Elon Musk as such by rolling away without seeing the stream.
“Welcome Elon Musk!”
“Welcome to the Twitter board, Elon Musk! We are all excited to work with you and build the future of Twitter together.”
“I’m really happy to have Elon join the Twitter board! He is deeply interested in our world and Twitter’s role in it. Parag and Elon are leading with their hearts and they will be an amazing team.”
US stock markets not yet opened:
While this decision is expected to cause a drop in Twitter shares, eyes focused on the hour when the US markets would open. Markets will open at 16.30 CEST.