The billionaire founder of Tesla and SpaceX, Elon Musk has declined to join Twitter’s board of directors after becoming the social media platform’s largest shareholder.
KanyiDaily recalls that on Tuesday, April 5, Twitter CEO, Parag Agrawal announced that the billionaire had been appointed as one of the board of directors of the social media platform.
However, in an update on Monday morning, April 11, Agrawal said Musk “has decided not to join our board,” sharing a message he sent the company regarding the change.
According to the note, Musk was set to officially become a board member on Saturday, but he opted out the same day and Agrawal said it was “for the best.”
Agrawal’s note to staff reads, “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 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 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
KanyiDaily recalls that Elon Musk’s board appointment came one day after it was disclosed that the billionaire purchased a more than 9 percent stake in Twitter for about $2.9 billion, making him the largest shareholder in the social media platform.