Elon Musk won’t be part of Twitter board in spite of everything

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Elon Musk shouldn’t be becoming a member of Twitter’s board in spite of everything, the corporate’s CEO introduced on Sunday.
The shock information comes just some days after it was revealed Musk had acquired a 9.2% stake in Twitter to change into its largest single shareholder, shortly after which he was provided a seat on the corporate’s board.
However in a tweet posted on Sunday night, Twitter CEO Parag Agrawal defined that on Saturday — the day Musk’s appointment to the board was to change into formally efficient — Musk informed the corporate that he wouldn’t be taking his seat.
“I imagine that is for one of the best,” Agrawal mentioned in his submit.
Musk’s solely public touch upon the information got here within the type of a chuckling-face emoji in a tweet symbolic of his mischievous character, with some more likely to see the sudden improvement as little greater than a trolling train concentrating on an organization that he’s lengthy criticized.

🤭
— Elon Musk (@elonmusk) April 11, 2022
“We introduced on Tuesday that Elon could be appointed to the board contingent on a background verify and formal acceptance,” Agrawal mentioned on Sunday. “Elon’s appointment to the board was to change into formally efficient 4/9, however Elon shared that very same morning that he’ll not be becoming a member of the board.”
The Twitter CEO’s replace got here on the finish of a weekend that noticed Musk busily firing off tweets detailing varied adjustments he’d wish to see at Twitter, from the intense to the daft.
They included eradicating advertisements from the platform, turning Twitter HQ right into a shelter for the homeless as most of its staff now work remotely, and eradicating the “t” from Twitter.
Agrawal famous that Musk, who has 81 million Twitter followers, remains to be the corporate’s largest single shareholder and in consequence the staff “will stay open to his enter.”
Under is the total assertion posted by Agrawal on Sunday:
“Elon Musk has determined to not be part of our board. Right here’s what I can share about what occurred.
The board and I had many discussions about Elon becoming a member of the board, and with Elon straight. We have been excited to collaborate and clear in regards to the dangers. We additionally believed that having Elon as a fiduciary of the corporate the place he, like all board members, has to behave in one of the best pursuits of the corporate and all our shareholders, was one of the best path ahead. The board provided him a seat.
We introduced on Tuesday that Elon could be appointed to the board contingent on a background verify and formal acceptance. Elon’s appointment to the board was to change into formally efficient 4/9, however Elon shared that very same morning that he’ll not be becoming a member of the board. I imagine that is for one of the best. We’ve got and can at all times worth enter from our shareholders whether or not they’re on our board or not. Elon is our greatest shareholder and we’ll stay open to his enter.
There might be distractions forward, however our targets and priorities stay unchanged. The choices we make and the way we execute is in our arms, nobody else’s. Let’s tune out the noise, and keep targeted on the work and what we’re constructing.”

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