Twitter says Elon Musk not joining company board
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Loading... - David Smith
- 11 Apr 2022
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The CEO of Twitter has said Elon Musk will not join the board of directors of the social media giant, in a reversal less than a week after announcing that the billionaire tech entrepreneur would be appointed.
Currently the world’s richest man and with more than 80 million Twitter followers, Musk last week disclosed the purchase of 73.5 million shares – or 9.2 percent – of the company’s common stock, becoming its largest shareholder.
“Elon has decided not to join our board,” Twitter CEO Parag Agrawal tweeted on Sunday.
“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board,” Agrawal said.
“I believe this is for the best.”
Agrawal had announced on Tuesday that Musk would be joining the board, describing him as “a passionate believer and intense critic of the service which is exactly what we need”.
Musk himself tweeted that he was “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
In his announcement on Sunday, Agrawal shared a note he sent to Twitter, which said Musk’s appointment to the board would be contingent on a background check and that he would have to act in the best interests of the company once appointed.
“Elon is our biggest shareholder and we will remain open to his input,” Agrawal added.
In an apparent reaction to the news, Musk tweeted a smirking emoji, without any other comment.
The SpaceX founder and Tesla chief is a frequent Twitter user, regularly mixing in inflammatory and controversial statements about issues or other public figures with remarks that are whimsical or business-focused.
He has also sparred repeatedly with federal securities regulators, who cracked down on his social media use after a purported effort to take Tesla private in 2018 fell apart.
Musk’s decision not to take a seat on the Twitter board came after he tweeted on Saturday asking whether the social media network was “dying” and to call out users such as singer Justin Bieber, who are highly followed but rarely post.
“Most of these ‘top’ accounts tweet rarely and post very little content,” the Tesla boss wrote, captioning a list of the 10 profiles with the most followers – a list which includes himself at number eight, with 81 million followers.
“Is Twitter dying?” he asked.
An outspoken and polarising figure, the announcement of his appointment to the board had sparked misgiving among some Twitter employees, according to a Washington Post report. Read More...
