On April 11, Parag Agrawal, Chief Executive Officer (CEO) of Twitter, announced that Elon Musk would not be joining Twitter’s board of directors. He said in a statement that after numerous discussions with the other board members and Elon himself, they had offered him a seat on the board. Parag had announced on April 5 that Elon would be appointed to the Board contingent on a background check and formal acceptance.
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
Elon was supposed to join on April 9, but on the same morning, he informed Twitter management that he would not be joining. Parag said, “I believe this is for the best. 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.”
He further added that there would be distractions ahead, but the company’s priorities and goals would not change. He said, “The decisions we make and how we execute are in our hands, no one else’s. Let’s tune out the noise and stay focused on the work and what we’re building.”
Full statement by Twitter CEO Parag Agrawal
Team,
Elon Musk has decided not to join our board. Here’s what I can share about what happened.
The Board and I had many discussions about Elon joining the board and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company, where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.
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. 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.
There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute them 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.
Elon Musk became the largest shareholder on Twitter
On April 4, it was reported that Elon Musk had bought a 9.2 per cent passive stake in Twitter. The share price of the company shot up by 28% after the news broke. Musk bought nearly 73.5 million shares, a document filed with the US Securities and Exchange Commission showed. In the last week, Musk had come up with multiple polls regarding Twitter policies. He also ridiculed Twitter’s free speech policy.
He has also slightly gone slightly unhinged on Twitter, suggesting whacky changes in Twitter experience while mocking the site.
