Elon Musk decided not to join the Twitter board

Elon Musk will not be joining Twitter’s board, CEO Parag Agrawal has revealed in a recent tweet. Last week, it was reported that billionaire Elon Musk would join the company’s board of directors as a level II director after buying a 9.2% stake, but he has now decided to refuse to participate. family, Engadget reported.

“We announced on April 5 that Elon Musk will be appointed to the Board of Directors, subject to a background check and formal acceptance process. The appointment of Elon Musk will officially take effect on the same day. 9.4, but Elon Musk shared this morning that he will no longer be on the board, I believe this is for the best. our shareholders whether they are on our board or not. Elon Musk is our largest shareholder and we will continue to make his comments public,” said director Agrawal. .

Elon Musk’s Twitter stock purchase was revealed to be worth $2.89 billion by the SEC, but some recent reports have questioned whether the billionaire disclosed his holdings too soon. . Participation on the board will limit his purchases to 14.9% of common stock during his term and 90 days thereafter.

It’s not clear why the SpaceX director decided not to join Twitter’s board, especially since he seems full of ideas on how to change. social network this. Most recently, the billionaire tweeted about the idea of ​​providing a verification stamp to subscribers of the paid service Twitter Blue and suggested the company use its San Francisco office as a shelter for the homeless because “nobody showed up anyway”. In addition, he also conducted a poll asking users if Twitter should add an edit button, and just a day later, the company confirmed it would do so.