Elon Musk will not join the Twitter board.
Mr. Musk’s appointment was set to take effect on Saturday, following the announcement last week that he had purchased a 9.2 percent stake in the social media platform. Mr. Agrawal, on the other hand, tweeted: “Elon shared that same morning that he will no longer be joining the board.” The Tesla CEO remains Twitter’s largest shareholder, and the company will continue to welcome his input, he added. Mr. Musk cryptically tweeted a single emoji just over an hour after Mr. Agrawal’s announcement. The tweet was later removed.
Taking Over
Mr. Musk proposed changes to Twitter Blue’s premium subscription service over the weekend, including lowering the price, banning advertising, and allowing users to pay in the cryptocurrency dogecoin. Mr. Musk also asked his more than 81 million followers if Twitter is “dying” and if the company’s headquarters should be converted into a homeless shelter. He also set up a poll asking whether the letter “w” should be removed from Twitter, with only “yes” and “of course” as options.
Mr. Agrawal stated that Twitter offered Mr. Musk a seat on its board because it believed it was the “best path forward,” with board members required to “act in the best interests of the company and all our shareholders.” In response to Mr. Musk’s decision, Mr. Agrawal stated, “I believe this is for the best.” “We have valued and will continue to value shareholder input, whether they are on our board or not,” he added.” Elon is our largest shareholder, and we will continue to welcome his input.” Mr. Musk proposed changes to Twitter Blue’s premium subscription service over the weekend, including lowering the price, banning advertising, and allowing users to pay in the cryptocurrency dogecoin.
Largest Shareholder
Mr. Musk is the company’s largest shareholder, with a stake that is more than four times that of Twitter co-founder Jack Dorsey, who owns 2.25 percent. Following the disclosure of Mr. Musk’s stake in Twitter, the company’s stock rose by more than 27% last Monday. Many Twitter employees, however, were outraged when it was announced that Tesla’s CEO had become the company’s largest shareholder and had been invited to join the board of directors. Insiders at the company were concerned about the impact he would have on the social media company’s ability to moderate content in the future.