Almost a week after reports came out that Elon Musk bought over 9% stake on Twitter, the social media company announced that the Tesla and SpaceX CEO will not be joining its board.
The announcement came from Twitter CEO Parag Agrawal. In a tweet, Agrawala revealed that Musk’s appointment as part of the board was supposed to officially become effective on April 9, but on the same day, Musk decided that he will no longer be joining the board. An explanation was not provided, but according to Reuters, the planned appointment would have prevented Musk from owning more than 14.9% of Twitter’s common stock.
“I believe this is for the best,” Agrawal said. “We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
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