Elon Musk Will no Longer Join the Twitter Board
Elon Musk, Twitter’s largest shareholder, has decided not to join the company’s board of directors, according to CEO Parag Agrawal.
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 intends to make big improvements.
His appointment to the board was set to take effect on Saturday, and it would have banned him from owning more than 14.9 percent of the company’s ordinary shares.
But, according to Agrawal, “Elon shared that same morning that he will no longer be joining the board.”
“This, I suppose, is for the best. Whether or whether our stockholders are on our Board, we have always valued their input. Elon is our largest shareholder, and we will continue to listen to his suggestions,” according to Agrawal.
An email addressed to Tesla seeking Musk’s comment did not receive a response right away.
According to Reuters, news of Musk’s appointment to the board of directors caused some Twitter employees to become concerned about the social media company’s ability to filter content.
Musk conducted a Twitter poll before purchasing a share in the company, asking people if they feel Twitter adheres to the principle of free expression.
He posted another poll a day after becoming the social media platform’s largest shareholder, asking users if they want 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 notion favored by Amazon CEO Jeff Bezos.
On Saturday, he proposed a number of improvements to the Twitter Blue premium subscription service, including lowering the price, prohibiting advertising, and allowing users to pay in dogecoin.
Twitter’s stock has dropped 7.5 percent since Musk revealed his stake on April 4, after soaring 27 percent the day before.
“There will be distractions ahead,” Agrawal said in his Sunday statement, “but our aims and priorities remain unchanged.” “Let’s block out the noise and concentrate on our job and what we’re creating.”
