Reversal: Twitter CEO Announces Elon Musk WON’T Join Board of Directors

Ken MeyerApr 11th, 2022, 7:20 am
 

Elon Musk at CodeCon

Twitter CEO Parag Agrawal announced Elon Musk is changing course as the website’s largest single shareholder, and he will not be joining its board of directors after all.

Musk was expected to join Twitter’s board last week, having been invited after purchasing a 9.2 percent stake in the social media platform valued at $2.9 billion. Agrawal tweeted on Sunday that Musk was supposed to be officially appointed to the board over the weekend, “but Elon shared that morning that he will no longer be joining the board.”

“I believe this is for the best,” he continued. “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.”

As of this writing, Musk has not posted a reason for why he isn’t joining Twitter’s board. The Tesla CEO was openly critical of Twitter before the stock purchase, and he has been publicly pitching an assortment of changes in the last few days.

Here is Agrawal’s complete statement:

Team,

Elon Musk has decided not to join our board. Here’s what | 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.

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