Elon Musk won’t be part of Twitter’s board soon after all

Elon Musk is no for a longer time heading to be a part of Twitter’s board, Twitter CEO Parag Agrawal has announced in a information to the company. Agrawal very last week confirmed that Musk would be appointed to the board pursuing his obtain of 9.2 percent of the company’s shares, but now suggests that Musk has decided against taking up the seat.

“We introduced on Tuesday that Elon would be appointed to the Board contingent on a history look at and official acceptance,” Agrawal writes. “Elon’s appointment to the board was to turn into formally efficient 4/9, but Elon shared that same early morning that he will no more time be becoming a member of the board. I feel this is for the greatest. We have and will usually value enter from our shareholders whether or not they are on our Board or not. Elon is our most important shareholder and we will continue to be open up to his input.”

Signing up for Twitter’s board would have prevented Musk from proudly owning a lot more than 14.9 percent of the enterprise. At the time that Musk’s buy became community know-how, his stake in Twitter was worthy of $2.89 billion.

At any time due to the fact Musk’s stake in Twitter was exposed, the Tesla and SpaceX CEO has been publicly tweeting on his thoughts for the organization — even though as ever with Musk, it’s challenging to know when he’s just trolling. He posted a poll for no matter whether Twitter must have an edit button the day just before the company verified that it essentially would include the lengthy-requested element. Much more recently — the similar working day he seemingly advised Twitter he wouldn’t be part of the board, in reality — he’s tweeted recommendations like such as verification checkmarks with the paid out Twitter Blue assistance, or converting Twitter’s San Francisco HQ to a homeless shelter “since no-one displays up in any case.”

Here’s Agrawal’s total message:

Elon Musk has determined not to sign up for our Board. Here’s what I can share about what took place.

The Board and I experienced lots of discussions about Elon joining the board, and with Elon instantly. We were energized to collaborate and obvious about the threats. We also thought that possessing Elon as a fiduciary of the business wherever he, like all board customers, has to act in the most effective pursuits of the organization and all our shareholders, was the finest route forward. The board supplied him a seat.

We introduced on Tuesday that Elon would be appointed to the Board contingent on a track record check out and formal acceptance. Elon’s appointment to the board was to come to be officially efficient 4/9 effective date was 4/9, but Elon shared that very same working day that he will no for a longer period be signing up for the board. I imagine this is for the best. We have and will constantly value input from our shareholders whether they are on our Board or not. Elon is our largest shareholder and we will keep on being open to his enter.

There will be interruptions in advance, but our ambitions and priorities continue being unchanged. The selections we make and how we execute is in our hands, no-one particular else’s. Let’s tune out the noise, and continue to be focused on the function and what we’re developing.

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