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.”
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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.”
If Musk did join Twitter’s board, it would have prevented him from owning nearly 15 percent of the company.
Musk’s stake in the company was worth about $2.89billion at the time his purchase had become public knowledge.
More to follow…
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