Elon Musk rejects seat on Twitter board of directors

by sam

Samuel Case, FISM News


Twitter’s CEO Parag Agrawal revealed Sunday night that billionaire Elon Musk has decided not to join the social media company’s board of directors, following indications the previous week that Musk intended to do so. 

“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,” Agrawal said in a statement. “Elon is our biggest shareholder and we will remain open to his input,” he added. 

On April 5, Agrawal tweeted, “I’m excited to share that we’re appointing Elon Musk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.”

Musk has not publicly acknowledged Agrawal’s latest announcement, apart from a single tweet late Sunday night with a hand over the mouth emoji, which has since been deleted. 

Last week Musk revealed a 9.2% stake in Twitter, making him the largest company shareholder. If Musk took a position on the board he would be barred from owning more of that 14.9% of the “ Company’s common stock,” leading some to speculate that Musk may intend to purchase a larger position than the 15% cap.