July 2, 2022

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Elon Musk gained’t be a part of Twitter’s board in spite of everything

Elon Musk will now not be a part of Twitter’s board of administrators, Twitter CEO Parag Agrawal introduced in a message to the corporate. Agrawal confirmed final week that Musk can be named to the board following his buy of 9.2% of the corporate’s shares, however now says Musk has determined to not take the seat.

“We introduced on Tuesday that Elon can be appointed to the board topic to background checks and formal acceptance,” Agrawal stated. writing. “Elon’s appointment to the board was to grow to be formally efficient on 9/4, however Elon shared that morning that he’ll now not be becoming a member of the board. I consider it’s for the very best. We and can at all times respect suggestions from our shareholders, whether or not or not they serve on our Board of Administrators. Elon is our most important shareholder and we are going to stay open to his contribution. »

Becoming a member of Twitter’s board would have prevented Musk from proudly owning greater than 14.9% of the corporate. On the time Musk’s buy grew to become public, his Twitter stake was price $2.89 billion.

Ever since Musk’s Twitter stake got here to mild, the Tesla and SpaceX CEO has publicly tweeted his concepts for the corporate — although, as at all times with Musk, it’s onerous to inform when he’s simply trolling. He posted a ballot on whether or not Twitter ought to have an edit button the day earlier than the corporate confirmed that it will certainly add the long-requested function. Extra lately – on the identical day he apparently informed Twitter he wouldn’t be becoming a member of the board, in actual fact – he tweeted recommendations like including verification checkmarks with the paid Twitter Blue service, or convert Twitter’s San Francisco headquarters at a homeless shelter “since no one exhibits up anyway.”

Right here is Agrawal’s full message:

Elon Musk has determined to not be a part of our board of administrators. Here’s what I can share about what occurred.

The board and I’ve had many discussions about bringing Elon to the board, and immediately with Elon. We have been pleased to collaborate and make clear the dangers. We additionally believed that having Elon as a trustee of the corporate the place he, like all board members, should act in the very best pursuits of the corporate and all of our shareholders, was one of the best ways ahead. The council provided him a seat.

We introduced on Tuesday that Elon can be appointed to the board topic to a background examine and formal acceptance. Elon’s appointment to the board was alleged to formally grow to be efficient on 9/4, the efficient date was 9/4, however Elon shared the identical day that he would now not be becoming a member of the board. . I consider it’s for the very best. We and can at all times respect suggestions from our shareholders, whether or not or not they serve on our Board of Administrators. Elon is our most important shareholder and we are going to stay open to his contribution.

There shall be distractions forward, however our targets and priorities stay unchanged. The selections we make and the way we execute them are in our palms, nobody else’s. Let’s ignore the noise and keep centered on the work and what we’re constructing.