Elon Musk Nixes Offer To Sit On Twitter Board
Twitter said billionaire Elon Musk has decided not to join its board, a stunning twist to a week-long saga that has captivated the tech community and touched off renewed speculation about the company’s future, Bloomberg, Reuters, and the Associated Press (AP) reported.
Photo Insert: Musk has been vocal about changes he would consider for the social media platform.
Musk held “many discussions” with Twitter’s directors but he ultimately declined their offer to take a board seat, chief executive officer Parag Agrawal tweeted. According to him, Musk informed Twitter of his decision on April 9, the same day he was slated to formally join the board.
“I believe this is for the best,” the Twitter CEO said in an internal memo shared late on Sunday (April 10.) “There will be distractions ahead, but our goals and priorities remain unchanged.”
The abrupt reversal ignites renewed speculation about Musk’s intentions for Twitter since disclosing he had taken a stake of just over 9 percent - becoming the social media giant’s largest individual shareholder.
If he does not join the board, Musk would not be subject to an agreement to keep his stake at no more than 14.9 percent, which means the Tesla founder could gobble up more Twitter shares. Nonetheless, he would still be fined millions of dollars by the US Securities and Exchange Commission (SEC) for the delayed disclosure of his Twitter holdings.
Musk has been vocal about changes he would consider for the social media platform. He wasted no time in appealing to users about prospective moves, from turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets to granting automatic verification marks to premium users, all meant to boost share prices and the value of his Twitter holdings.
Those open musings drew in even Amazon.com founder and space-faring rival Jeff Bezos, among other high-profile personalities, many of whom tag Musk as a world-class corporate meddler.