Twitter’s chief executive officer Parag Agarwal informed on Monday that the company’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.
Elon’s appointment to the board was to become effective on April 9, Saturday, but he informed that morning that he will no longer be joining the board, Agrawal said in his post. ‘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’, the statement said.
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
The Twitter CEO had announced on April 5 that Musk is set to enter the board and that ‘he would bring great value’. Since Musk’s disclosure of his 9.2% stake in Twitter, his musings about the company have enthralled the social media. Musk not joining the micro-blogging site’s board came amid high expectations and speculation over how his entry would impact the Twitter ecosystem, especially after his recent tweets that toyed with ideas of radical changes.
https://twitter.com/elonmusk/status/1512966135423066116
Musk had posted a Twitter poll about the edit button requirement and whether the San Francisco headquarters of Twitter should be converted to a shelter for the homeless. He also said Twitter must not allow ads as that would give power to corporations to dictate terms. Amazon.com Inc. founder Jeff Bezos responded with a link to a report about a homeless shelter attached to an Amazon office building, noting that a portion of Twitter’s space could be converted, which Musk termed as a ‘great idea’.
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