Elon Musk will no longer be joining Twitter’s board of directors, according to Twitter CEO Parag Agrawal. The news was Agrawal shared an internal memo online.
Last week, it was announced that Tesla CEO Elon Musk would join Twitter’s board after purchasing 9.2 percent of the company’s shares. The news came in hot and fast, however, it appears as though it is no longer the case. In the memo, Agrawal states, “We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance.” The CEO continued, “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.”
Agrawal concludes his message by assuring Twitter’s employees that the company vision remains the same “‘There will be distractions ahead, but our goals and priorities remain unchanged,” he wrote.
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
Musk has been infamously outspoken as well as known for trolling the internet. Since the news broke that he purchased his stake in the company, Musk has tweeted about the company on multiple occasions. Last week, Musk ran a poll on Twitter asking if the company should implement an edit button. This was held exactly one day prior to the company revealing an edit button has been in development for the past year. In addition, Musk tweeted that he believes Twitter Blue subscribers should receive a verification checkmark.
Musk’s stake in Twitter is currently sitting at a value of $2.89 billion. His 9.2 percent trumps found Jack Dorsey by nearly four times.
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Strange that he categorizes Musk joining the board as a risk. I wonder what risks they identified.
Maybe the fact that Musk can be unhinged at times. For example last month Musk tweeted and the deleted a comparison of Justin Trudeau to Hitler re: covid restrictions.
He has unorthodox viewpoints for sure. How’s that a risk to twitter, if he’s on the board?
For a platform that claims to support free speech, open discussion/exchange of ideas, it’s an odd position to see Musk’s “unhinged” comments as a risk. If, instead, the goal is approved right-think, then I suppose he’s a risk to the echo-chamber, whether he sits on the board or not.
I’m sure insiders profited off the surge in stock price when Musk announced he would join the board, only to change course a few days later. Talk about short-sell.