Twitter CEO Parag Agrawal has informed that Elon Musk, CEO of Tesla and biggest shareholder of the microblogging site will not be joining the company’s board of directors. Check details here.
In a surprise development, it has been revealed that Tesla CEO Elon Musk, who is the biggest shareholder of Twitter, will not be joining the company’s board of directors. The information was shared by Twitter CEO Parag Agrawal. Taking to his Twitter account he tweeted, “Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here.” Musk was to officially to join Twitter’s board on April 9. He too shared the news that he will no longer be joining the Twitter board.
“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,” read the note.
“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 morning that he will no longer be joining the board. I believe this is for the best,” it added.
The note further said that Twitter will still remain open to the inputs from the Tesla CEO, who is also a shareholder of the social media platform. “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,” it said.
Earlier last week, Musk had disclosed that he had taken an over nine percent stake in the microblogging site.