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Musk is not joining Twitter’s Board after all

Despite being the largest shareholder in Twitter, Elon Musk has decided not to join the Board.

Elon Musk, the world’s richest person, caused a stir when it was revealed he had bought up 9.2 percent of Twitter’s shares, more than co-founder Jack Dorsey’s share. It was enough to earn him an invitation to a seat on the company’s Board, as Twitter CEO Parag Agrawal confirmed. However, Agrawal has confirmed Musk will not be joining the Board.

Due to his personality, many people have raised concerns about what impact Musk would have on Twitter should he join the Board. He had been suggesting changes to how the social media platform worked. For example, he had posted a poll to his more than 80 million followers on whether Twitter should get an edit button, which had long been a requested feature. The overwhelming majority voted yes, but it was hard to say whether Musk meant it or was trolling. However, Twitter revealed the edit feature was coming, and it had been working on it months before Musk bought shares.

Musk had also posted another poll asking whether Twitter was doing enough to uphold freedom of speech, suggesting he was up to something. The majority voted no.

The billionaire had also suggested that people who use Twitter Blue paid service should get the verification tick. Other audacious suggestions included converting Twitter’s San Francisco headquarters to a shelter for the homeless because “no one shows up anyway.”

While Musk has not given a reason for declining the invitation, being on the Board would have prevented him from owning more than 14.9 percent of the company. His stock was worth about $3 billion when he made the purchase.

Here is Agrawal’s full message of Musk’s decision not to join the Board:

“Elon Musk has decided not to join our Board. Here’s what I can share about what happened.

“The Board and I had many discussions about Elon joining the Board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward. The Board offered him a seat.

“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance. Elon’s appointment to the Board was to become officially effective 4/9, but Elon shared that same day that he will no longer be joining the Board. I believe this is for the best. 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 will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is in our hands, no-one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building.”

Written by HackerVibes

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