Tech billionaire Elon Musk dropped out of joining the Twitter board in a shocker move today, the microblogging site’s CEO Parag Agrawal announced in a statement. Minutes later, came a tweet from Musk - just a simple emoji of suppressed laughter - possibly a reaction to the surprise announcement.
The SpaceX and Tesla CEO tweeted:
— Elon Musk (@elonmusk) April 11, 2022
Agrawal shared a note on Twitter this morning announcing 50-year-old Musk’s decision to not join the board, days after he said he was looking forward to make “significant improvements” to the company.
"Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here," the Twitter CEO said and posted the note.
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
"Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best," the note said. It has been two days since Musk was supposed to formally join the board.
"We were excited to collaborate and clear about the risks. We also believed that Elon as a fiduciary of the company where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best path forward. The board offered him a seat,” Parag Agrawal wrote.
"We have and will always value input from our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his input," the Twitter CEO said. Musk is the largest shareholder of Twitter after he acquired a 9.2 percent majority stake in the company.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!— Elon Musk (@elonmusk) April 5, 2022
On April 5, Agrawal announced Elon Musk was joining the Twitter board giving rise to speculations about the radical changes the billionaire would bring as he suggested several new ideas for the social media giant. The big news came a day after he acquired the majority stake in the company.
Musk is very active on Twitter and is among one of the most followed people on the site with 81.3 million followers.
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