Elon Musk is not joining the board of Twitter. The recent tweet by Twitter CEO, Parag Agrawal informed everyone by making it official that Mr Elon Musk is not interested in joining the board, which was offered to him a few days before.
Later this week, Tesla and SpaceX CEO Elon Musk revealed his stakes in Twitter, which sums up to 73.5 million. With owning 9.2% shares in Twitter, Musk is named the largest single stakeholder on Twitter.
Due to the high stakes, team Twitter expected Elon Musk to join the active board of members. To make things official, Twitter’s CEO Parag Agrawal had a conversation with his team and with Elon Musk himself. The seat on board is offered because of the high stakes he now possesses in the company.
Other large shareholders of Twitter are also a part of board members and act in the best interest of the company. Due to this policy, Elon Musk was also offered a seat and the team on Twitter was looking forward to having him as an active member of the board.
The speculation came to a halt when Parag Agrawal made an official statement on Twitter. He wrote, ‘Elon Musk has decided not to join our board and here are the details of what happened. The board and I had many discussions with Elon Musk directly. This was taken as a great opportunity and we were looking forward to it. We believed that having Elon as a fiduciary, like all board members, would act in the best interest of the company. The board offered him a seat.’
He further adds, ‘We announced on Tuesday that Elon would be appointed as the Board contingent on the background check and formal acceptance. But the chances were limited to 4/9, and Elon shared this morning that he is not willing to join the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on board or not. Elon is our biggest shareholder and we will remain open to his input.’
The statement made clear that there is no hope that Elon Musk would join Twitter’s board in the coming years.