Highlights:
- Elon Musk has decided not to serve on Twitter’s board of directors.
- The Twitter CEO also stated that he feels the decision is in the best interests of the company.
- Musk still remains Twitter’s largest shareholder with 9.2 percent stake in Twitter.
Twitter’s CEO announced last week that billionaire Elon Musk will join the company’s board of directors. In the week since then, Parag Agrawal has stated that Musk does not want to be a part of Twitter’s board of directors, but will continue to play an important role in the company’s growth. In a recent tweet, Agrawal stated, “Elon is our biggest shareholder, and we will remain open to his input.”
Agrawal stated in his latest tweet, “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.”
“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,” Agrawal said. Musk was recently appointed to the board of directors.
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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
Given Musk’s recent posts and questions about the future of Twitter and its policies, this development is undoubtedly interesting. For instance, he said that anyone signing up for Twitter Blue (a paid subscription service that the company is testing in a few countries) should get an authentication checkmark and the service should be free of advertisements.
He also insists that Twitter is a key public forum, and he polled his followers on whether Twitter is rigorously adhering to free speech principles. He also mentioned that several of the platform’s “top accounts” don’t appear to be tweeting anymore. Musk also asked his followers if the Twitter headquarters, which is no longer in use, could be transformed into a homeless shelter.
