Twitter says billionaire Elon Musk not joining its board

twitter says billionaire elon musk not joining its board
twitter says billionaire elon musk not joining its board

Elon Musk turned down Twitter’s offer to join its board of directors on Sunday, a stunning turn after a week in which the billionaire became the company’s largest shareholder, and the company warned of more drama ahead with “distractions coming.”

In a message sent on Twitter, Twitter CEO Parag Agrawal stated that the company’s board of directors had extensive discussions with Musk, but he did not elaborate on the basis for Musk’s decision.

The intended appointment, according to Agrawal, was set to take effect on Saturday, preventing the world’s richest person from becoming a beneficial owner of more than 14.9 percent of Twitter’s common shares.

In the message, Agrawal stated, “I feel this is for the best.” “There will be diversions ahead, but our aims and priorities remain intact.”

Musk was still listed on Twitter’s board of directors on its website as of early Monday, despite the unexpected announcement.

In premarket trade on Monday, Twitter shares were down roughly 4%. They jumped 27% on April 4 after Elon Musk revealed his position, but have subsequently dropped 7.5 percent.

Musk, whose net wealth is estimated to be $274 billion, simply replied on Twitter with a face-with-hand-over-mouth emoji. Tesla did not immediately respond to an email requesting comment from the company’s CEO.

Elon Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% interest in the social media network on April 4 and said he expected to make big improvements.

The news of his investment sparked a flurry of conjecture about his plans, which ranged from a full takeover of the platform to actively participating in corporate decisions.

Some Twitter employees were concerned about the future of the social media platform’s capacity to police material when Musk was named to the board of directors, according to company insiders.

Musk, a frequent Twitter user, has made statements to his more than 80 million followers on the social media network regarding his firm and a range of concerns.

Musk conducted a Twitter survey before purchasing a share in the company, asking people if they feel Twitter conforms to the concept of free expression.

He conducted another poll a day after becoming Twitter’s largest shareholder, asking users if they wanted an edit button, a long-awaited feature on which the company has been working.

Tesla CEO Elon Musk recently polled Twitter followers on whether the company’s headquarters should be transformed into a homeless refuge, a proposal favoured by Amazon.

Musk proposed modifications to the Twitter Blue premium membership service on Saturday, including lowering the price, prohibiting advertising, and allowing users to pay in dogecoin.

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