Twitter CEO Parag Agrawal has announced that Elon Musk will not be joining the board, despite investing a whopping $3 billion in the company.
Not too long ago, Twitter CEO Parag Agrawal announced that Elon Musk is set to join the board after investing $3 billion in the social networking giant. Now, the top executive has revealed that the Tesla CEO is having second thoughts about it.
Musk became the largest shareholder in Twitter after buying 73.5 million shares in the company on April 5, as per Dexerto. The Twitterverse has been expecting to see the Musk effect on the social media platform since.
Elon Musk Decides Not To Join The Twitter Board
Living up to his reputation, Musk announced that he’d be introducing notable changes such as adding an edit button. However, Twitter CEO Parag Agrawal has now revealed that Musk has changed his mind.
Nevertheless, Twitter will still welcome his input, considering that he is the largest shareholder in the company. “Elon Musk has decided not to join our board,” Agrawal said in an announcement on April 10.
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
“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.”
Before joining the board, Musk would’ve gone through a background check and a formal acceptance on April 9. However, the 50-year-old business magnate has reversed his decision.
“I believe this is for the best,” added Agrawal. “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.”
In his trademark fashion, Elon reacted to the news by posting a laughing emoji on Twitter. Notably, this could be a sign that he never wanted to become a board member of the platform.
Nevertheless, his investment in Twitter is very real. According to Agrawal, the company will be open to Musk’s input regardless of whether he is on the board.
