Elon Musk is just not becoming a member of Twitter’s board in spite of everything, the corporate’s CEO introduced on Sunday.
The shock information comes just some days after it was revealed Musk had acquired a 9.2% stake in Twitter to turn out to be its largest single shareholder, shortly after which he was provided a seat on the corporate’s board.
However in a tweet posted on Sunday night, Twitter CEO Parag Agrawal defined that on Saturday — the day Musk’s appointment to the board was to turn out to be formally efficient — Musk advised the corporate that he wouldn’t be taking his seat.
“I imagine that is for the very best,” Agrawal stated in his publish.
Musk’s solely public touch upon the information got here within the type of a chuckling-face emoji in a tweet symbolic of his mischievous character, with some prone to see the surprising growth as little greater than a trolling train concentrating on an organization that he’s lengthy criticized.
🤭
— Elon Musk (@elonmusk) April 11, 2022
“We introduced on Tuesday that Elon could be appointed to the board contingent on a background test and formal acceptance,” Agrawal stated on Sunday. “Elon’s appointment to the board was to turn out to be formally efficient 4/9, however Elon shared that very same morning that he’ll now not be becoming a member of the board.”
The Twitter CEO’s replace got here on the finish of a weekend that noticed Musk busily firing off tweets detailing varied modifications he’d wish to see at Twitter, from the intense to the daft.
They included eradicating adverts from the platform, turning Twitter HQ right into a shelter for the homeless as most of its staff now work remotely, and eradicating the “t” from Twitter.
Agrawal famous that Musk, who has 81 million Twitter followers, remains to be the corporate’s largest single shareholder and in consequence the workforce “will stay open to his enter.”
Under is the total assertion posted by Agrawal on Sunday:
“Elon Musk has determined to not be a part of our board. Right here’s what I can share about what occurred.
The board and I had many discussions about Elon becoming a member of the board, and with Elon instantly. We have been excited to collaborate and clear in regards to the dangers. We additionally believed that having Elon as a fiduciary of the corporate the place he, like all board members, has to behave in the very best pursuits of the corporate and all our shareholders, was the very best path ahead. The board provided him a seat.
We introduced on Tuesday that Elon could be appointed to the board contingent on a background test and formal acceptance. Elon’s appointment to the board was to turn out to be formally efficient 4/9, however Elon shared that very same morning that he’ll now not be becoming a member of the board. I imagine that is for the very best. We’ve and can at all times worth enter from our shareholders whether or not they’re on our board or not. Elon is our greatest shareholder and we are going to stay open to his enter.
There will likely be distractions forward, however our objectives and priorities stay unchanged. The selections we make and the way we execute is in our arms, nobody else’s. Let’s tune out the noise, and keep centered on the work and what we’re constructing.”
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