Today (April 9, US time), Twitter CEO Parag Agrawal issued a statement that Elon Musk refused to serve as a member of Twitter’s board of directors.
After Elon Musk earlier bought a 9.2% stake in Twitter for nearly $3 billion (about HK$23.5 billion), Twitter CEO Parag Agrawal announced that Elon Musk would be appointed to the board. However, on the same day that the appointment went into effect, Agrawal issued a statement that Elon Musk had decided not to hold the directorship.
Agrawal said he believes Elon Musk’s decision is for the best and Twitter will always value the opinions of shareholders, whether they are on the board or not. Elon Musk remains Twitter’s largest shareholder, and Twitter will continue to listen to him.
If Elon Musk joins the board, he will not be allowed to hold more than 14.9% of the company. Elon Musk has been publicly expressing his opinions on Twitter since the stock acquisition incident, including adding a verification mark for members who pay to use the Twitter Blue service, transforming Twitter’s San Francisco headquarters into a home for the homeless in response to the current work-from-home arrangement Wait.
Parag Agrawal’s statement said that the board had direct discussions with Elon Musk, and both parties were pleased with the opportunity to collaborate, while also understanding the potential risks. Elon Musk said on the same day that his appointment took effect that he would not join the board, and the board believes this is the best decision. Twitter is facing some disruption right now, but their purpose remains clear, focused on work and planning.
Data and picture sources:The Verge
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