Billionaire Elon Musk Abandons All Plans To Join Twitter’s Board

Elon Musk may have made plenty of heads turn after becoming the world’s biggest shareholder of Twitter but that does not mean he’s willing to become a member of the company’s board.

There were plenty of rumors that since the Tesla and SpaceX owner has a 9% stake in the organization that he would be more than willing to be on the board. But the billionaire has reportedly shot those rumors down and has no interest in being a board member anymore.

However, Twitter CEO Parag Agrawal mentioned in a recent public statement that he shared through his account how Elon Musk continues to be the company’s biggest shareholder. He also shared how the platform is always open to his opinions. But with that came the assurance from the CEO that no matter how many distractions lay ahead, the company’s priorities and objectives remain the same.

Meanwhile, Musk revealed during the early hours of Saturday how he was no longer interested in taking a seat on the board. But if he had formally accepted the decision, his actual appointment would have begun on Saturday, mentioned CEO Agrawal.

In addition to that, Agrawal continued to speak about how exciting the collaboration with Musk would have been, including a clear delineation of any risks the company would be foreseeing. This came with a bold statement about how it would have been nice to see Musk act in a manner that was in the company’s best interest, similar to the way other members behave.

But the CEO failed to publicly share any specific reasons that may have led Elon Musk to make the abrupt decision to abandon the board member’s seat and prevailing a new obligation.

To make things clearer, let’s take a look at the timeline of events that led to Musk’s decision. The Tesla CEO revealed on April 5 that he would join Twitter’s board. However, one day before, the world’s richest individual revealed through a series of financial statements that he has become the world’s biggest shareholder in the company.

Then on Tuesday, the world witnessed the company’s shares increase by 4%, moments after Twitter revealed the announcement. And then on Monday, Twitter witnessed its most fruitful day with shares jumping to nearly 27%.

But it should be remembered how Twitter has publicly announced that Musk would no longer be able to hold a share worth more than 14.9% if he became a board member. This takes into consideration common stock, swaps, derivatives, and other transactions.

Whether or not that was the real reason behind the refusal of joining the board, only time can tell. But as of now, Elon Musk is busy giving his valuable suggestions on how to transform the popular platform and its relevant products.

This came in the form of a popular poll on whether or not the company should alter its name and by dropping the letter w- giving it a distinct identity. In the same way, he suggested the platform’s Blue subscribers should be allowed to pay through dogecoin while keeping Twitter Blue ad-free.

And if that wasn’t enough, he even put up the idea of Twitter converting its headquarters in San Francisco to a shelter for homeless people. And in case you’re wondering why, well, he believes it’s because no one comes anyway.

Read next: Twitter Rolls Back ‘Controversial’ Change That Made Deleted Tweets Invisible In Embeds
Previous Post Next Post