Elon Musk is not joining Twitter’s board after all, CEO saysLeigh Mc Gowranon April 11, 2022 at 07:18 Silicon RepublicSilicon Republic

0

Elon Musk is no longer joining Twitter’s board of directors, the company’s CEO said in a message to its staff.

Twitter CEO Parag Agrawal shared a memo on the social media platform today (11 April), where he said the board had been “excited to collaborate” with Musk and “clear about the risks”.

When Agrawal shared the plans of Musk joining Twitter’s board last week, he said conversations made it “clear to us that he would bring great value to our board”.

The discussions around Musk joining the board followed the news that Musk had bought a 9.2pc stake in the company, making him one of Twitter’s biggest shareholders.

In his statement today, Agrawal said Musk was going to be officially accepted into the board on 9 April, but Musk “shared that same morning that he will no longer be joining the board”.

“I believe this is for the best.” Agrawal said in the memo. “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 is speculation around why Musk is no longer joining Twitter’s board. According to a document shared by Axios, Musk would have been limited to a maximum stake of 14.9pc in the company if he joined the board.

Musk has also been critical of Twitter in recent weeks, sharing a poll on whether Twitter’s San Francisco headquarters should be turned into a homeless shelter “since no one shows up anyway”. Musk deleted the tweet but it is still visible on his Twitter page at the time of writing.

On the same day, Musk suggested that all Twitter Blue subscribers should get an authentication mark. He also said the service should be free of advertisements. This tweet has also been deleted.

The day before, Musk shared a list of “top” Twitter accounts that he said “tweet rarely and post very little content”. He followed up with the question “is Twitter dying”?

Most of these “top” accounts tweet rarely and post very little content.

Is Twitter dying? https://t.co/lj9rRXfDHE

— Elon Musk (@elonmusk) April 9, 2022

Musk has more than 80m followers on Twitter and regularly takes to the platform to make company announcements, such as Tesla’s move away from bitcoin and its move to Texas.

However, some of his tweets have also gotten him into hot water.

In 2018, Musk tweeted that there was “funding secured” to take Tesla private at $420 a share, but the SEC found his series of tweets to be “false and misleading”. This led to a settlement, fines and Musk stepping down as chair of the company.

On 5 April, the Tesla boss posted a Twitter poll asking his 80m followers if the platform should introduce an edit button. The next day, Twitter confirmed that it is working on the long-awaited feature, but said it didn’t get the idea from Musk’s poll.

Elon Musk at Web Summit 2013. Image: Dan Taylor/Heisenberg Media via Flickr (CC by 2.0)

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

The post Elon Musk is not joining Twitter’s board after all, CEO says appeared first on Silicon Republic.

Leave a Comment