Elon Musk will NOT join Twitter board – CEO Parag Agrawal says largest shareholder changed mind hours after announcement

TWITTER CEO Parag Agrawal revealed Sunday night that billionaire Elon Musk had declined to join the tech giant’s board of directors.

“Elon Musk has decided not to join our board,” wrote Agrawal. “I sent a brief note to the company, sharing with you all here.”

Elon Musk will not be joining Twitter’s Board of DirectorsAP

Twitter/Parag AgrawalCEO Parag Agrawal made the announcement late Sunday night[/caption]

According to Agrawal, he and the board had multiple discussions about Musk joining them and discussions with Musk 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 interest of the company and all our shareholders, was the best path forward.

“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. 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.”

If Musk did join Twitter’s board, it would have prevented him from owning more than 14.9 percent of the company.  He currently has a 9.2 percent stake.

Musk’s stake in the company was worth about $2.89billion at the time his purchase had become public knowledge.

The Tesla and SpaceX CEO had spoken with Agrawal and Twitter co-founder about how to make the website better. 

All three men have discussed the idea of shifting the power in social media networks to users instead of large company by giving people control over what they see in their timelines.

Musk’s position on the 11-person board, would have expired in 2024.

“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board,” Agrawal tweeted on April 5.

“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term. Welcome Elon!”

Ever since the talks were revealed, Musk, who boasts over 80million followers, has been sharing his thoughts for the company. However, as usual with Mrs, it’s hard to when these thoughts are genuine or if he’s trolling.

ReutersThe Tesla and SpaceX CEO had originally said yes to joining the board[/caption]

APMusk has a 9.2 percent stake in the tech company[/caption]

More to follow…

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