Elon Musk will not join Twitter’s board, says CEO Parag Agrawal
Amid much talked over Musk joining the Twitter board, in a dramatic twist, the company’s chief executive officer Parag Agrawal said on Monday that Twitter’s top stakeholder Elon Musk won’t be joining the board. In a statement posted on Twitter, Agrawal said that the board offered him a seat after several discussions and believed that Musk as a fiduciary of the company was the best path forward.
Musk, who acquired 9.2 percent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 percent of Twitter’s stock. Joining the board of Twitter would have prevented Musk from owning more than 14.9 percent of the company.
Twitter CEO Parag Agrawal has announced that Tesla and SpaceX CEO Elon Musk will not join the board of the company, saying that “he believes it is for the best”. The Indian-origin CEO last week said the micro-blogging platform has appointed Musk to its board of directors.
In a message late on Sunday, Agrawal said Musk has decided not to join Twitter’s board. Agrawal tweeted, “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 day that he will no longer be joining the board. I believe this is for the best.”
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
“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 added. “The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and be clear about the risks,” said Agrawal.
“There will be distractions ahead, but our goals and priorities remain unchanged. 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,” he continued.
Since the announcement, Musk has shared several polls on Twitter to make significant changes in the platform, including an edit button which is now under development.
[With Inputs from IANS]
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