Billionaire Elon Musk has changed tack and opted not to join Twitter’s board of directors. The social media company’s CEO announced this in a statement on Sunday night.
Musk had become the company’s largest shareholder.
“Mr. Musk agrees for the duration of his service on the board, and 90 days after that, he will not become the principal shareholder of more than 14.9 percent of the company’s common stock issued at such time.”
According to journalist Yashar Ali, because Musk declined to join the board of directors, he is not constrained by any limitations on the amount of stock he may purchase in the firm.
Statement From Twitter Head
According to Twitter CEO Parag Agrawal, Elon Musk opted not to join the company’s board of directors.
“The Board of Directors and I had several talks regarding Elon’s joining the board, as well as with Elon personally.”
“We were both enthused about the prospect of working together and realistic about the dangers.”
“Having Elon serve as a fiduciary of the company, where he, like all other board members, is responsible for acting in the best interests of our firm and all of our shareholders, was also the right course of action in our opinion.”
“He was offered a position on the board.”
Elon Musk will now not join Twitter's board, CEO says https://t.co/UVW47gfRTu
— BBC News (World) (@BBCWorld) April 11, 2022
In addition, Agrawal stated, “we announced on Tuesday that Elon would be named to the board, subject to a background check and official acceptance.”
It was scheduled for official implementation on April 9, but Elon said he would not be joining the board of directors going forward.
“This is, in my opinion, for the best. We have valued and will continue to appreciate the our shareholders’ input, whether or not they are members of our Board of Directors. Elon is Twitter’s largest shareholder, and we will continue to be receptive to his suggestions.”
Divisions to Come?
Even though “there will be diversions ahead,” the statement added, “our aims and priorities remain unaltered.”
“The decisions we make and how we carry them out are entirely in our control; no one else’s. Please turn down the background noise and concentrate on the task and what we’re developing.”
Since April 9th, Musk has posted a number of tweets about the firm and reforms he would like to see implemented on the social media platform.
Truth is the first casualty. pic.twitter.com/cN9PIfDvjr
— Elon Musk (@elonmusk) April 9, 2022
In a tweet, Musk stated, “everyone who signs up for Twitter Blue by paying $3 a month should receive an authentication checkmark.”
“In addition, the feature already has a 20-second time limit for editing tweets that can be customized,” Musk continued.
“However, it isn’t particularly beneficial. It was turned off by me. Also, there’s this obnoxious ‘Reader’ bar that suddenly appears underneath every tweet.”
Also mentioned by Musk was the idea of converting Twitter’s headquarters into a “homeless refuge,” claiming “no one ever comes up anyhow.”
Tesla CEO Elon Musk wrote about the concept later in his post, indicating he is serious about it.