No Musk on Twitter’s board after all
Elon Musk has decided not to join Twitter’s board of directors, the company’s CEO Parag Agrawal surprisingly tweeted. Agrawal said he thinks “this is for the best”. Musk recently bought more than 9% of the company’s shares and thereby became its biggest shareholder.
Agrawal invited him to join the board and Musk said he was looking forward to working with Agrawal and the team but obviously soon afterwards changed his mind.
By not joining the board as a non-executive director but still being the company’s biggest shareholder, Musk gets a powerful but more independent position. The management needs to listen to him but without him having to follow rules for non-executive board members. Agrawal in his announcement also says that the company wanted Musk to join and follow the rule saying that board members must act in the best interest of the company and its shareholders.
Musk had prior to announcing his power as a shareholder started a voting on Twitter about introducing an edit button so that tweets could be edited/changed after having been sent. Twitter said the company was already working on such a feature.
After first having said he would join, Musk tweeted that prices for subscription service Twitter Blue are to high, he questioned advertising etc.
Agrawal’s announcement that Musk, after all, would not join the board came after that.
“There will be distractions ahead but our goals and priorities remain unchanged”, Agrawal tweeted. “The decisions we make and how we execute is in our hands and no one else’s. Let’s tune out the noise, and stay focused of the work and what we’re building.”
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
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