And right when we had thought that the unusually active week at Twitter finally came to an end, Elon Musk, in his usual self, has ensured that it isn’t the case. After Twitter and its CEO Parag Agarwal’s public announcement of Elon Musk joining Twitter’s board, it seems that the billionaire entrepreneur has decided not to join Twitter’s board after all.
Earlier this month, Musk surprised many when a disclosure of him buying a stake of 9.2% in Twitter for nearly $3 billion came to light. Then, Twitter CEO Agarwal announced that Musk will also be joining the board, which led to Twitter’s already high-trading stock, go even higher. Many anticipated that with musk joining the board, there could be fresh growth coming in for the social media platform. But that won’t be happening, at least for now.
Elon Musk has been critical of Twitter and its policies for quite some time and his recent polls have been hits. He also informed that he was giving “serious thought” to the creation of a new social media platform, one that would consist of an open-source algorithm, prioritize free speech, and with “very” minimal propaganda.
Regarding the latest development, Agarwal said that he (and the board) had had “many discussions” about Musk joining the board, including discussion with Elon as well. He added that they were excited to collaborate and were clear about the risks. Musk on the board of Twitter and acting in the best interests of the company (like the other members of the board) was the best path forward, Parag and the board felt and offered Musk a seat.
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
Had Musk joined the board (till the company’s annual shareholder meeting in 2024), his stake in Twitter cannot exceed 14.9% at any point at that time. Twitter had informed on Tuesday that Musk would be appointed to the board contingent on a background check and formal acceptance, but that is not to be.
Musk will not be taking the seat and joining the board. His appointment to the same was to be officially effective from 4/9, but the Tesla CEO informed the same morning that he will not be joining the board.
“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building,” Agrawal added.