Elon Musk No Longer Joining Twitter Board of Directors

Tesla and SpaceX chief executive officer (CEO) Elon Musk will not be joining Twitter’s board of directors after taking a 9.2 percent or a USD2.89 billion stake in the social media platform, as announced by Twitter CEO Parag Agrawal.

According to Agrawal’s message to the company, Twitter offered Musk a seat at the board after a background check and Musk’s formal acceptance. Musk’s appointment would have occurred on April 10 Philippine Standard Time. However, Musk declined a seat the same day.

Agrawal added that he believes “this is for the best,” adding that the company will always value input from shareholders.

Had Elon Musk joined the board, he would have been prevented from taking more than 14.9 percent stake at the company.

Elon tweeted a giggling emoji the same day he declined a seat on the board.

Here is the full text of Parag Agrawal regarding Elon Musk’s refusal to join Twitter’s board:

Team,

Elon Musk has decided not to join our board. Here’s what I can share about what happened.
The Board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The board offered him a seat.

We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. 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.

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.

Musk has yet to comment regarding the latest development between him and Twitter. (GFB)