Elon Musk is no longer interested in a seat at the Twitter table.
Elon Musk, the world’s wealthiest man and the largest shareholder of Twitter, will no longer be joining the social media firm’s board, CEO Parag Agrawal said late Sunday, in a surprising reversal following last week’s announcement that the Tesla and SpaceX chief executive had been appointed to the panel.
“Elon has decided not to join our board,” Twitter CEO Parag Agrawal wrote in a note to the company, which he shared on Twitter on Sunday night (April 10).
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
Musk’s board appointment was announced last week, just one day after it was revealed that the Tesla and SpaceX executive had purchased a more than 9% stake in Twitter for approximately $2.9 billion, making him the social media platform’s largest outside shareholder.
However, as of Sunday night, Agrawal announced that Musk is no longer joining the board.
Elon Musk has decided not to join our board. Here’s what I can share about what happened.
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.
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.
Well, it would be a horrible idea if Elon Musk continued to join the board of directors, Musk couldn’t’ become the single largest majority shareholder of the company, or purchase the entire thing outright if Musk were to serve on Twitter’s board. Because the level of ownership for those serving on the board of directors of any public company is legally limited to 14.9 percent, and it appears that Musk is aiming to be someone who owns 51% or more of a company’s outstanding shares so that they have a majority of all the voting power in the company, the WLT report says.
The widely reported pervasive fear among the Twitter workforce that Elon Musk may endanger or even end their systemic censorship regime illustrates how central of a tactic internet censorship has become for US liberalism. Information control is vital to their worldview.
— Glenn Greenwald (@ggreenwald) April 12, 2022
Elon Musk not taking a board seat is bullish for free speech coming back to Twitter.
The board seat was a proposed tactic by Twitter’s current execs & board to curb his influence (limiting his maximum shares to 14.9%).
Musk can now pursue a hostile takeover if he so chooses.
— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) April 11, 2022
The Block reported:
Twitter CEO Parag Agrawal announced the change of heart in a tweet late Sunday. Agrawal didn’t explain Musk’s decision, but said he believes it’s “for the best.”
This is just hilarious.https://t.co/2ncs1MTlgt
— Kyle Becker (@kylenabecker) April 12, 2022
JUST IN – Elon Musk’s SEC filings reserve the right to buy a larger stake in Twitter – The Verge
— Insider Paper (@TheInsiderPaper) April 11, 2022
Musk potentially buying out the company has taken a negative tone by The New York Times, along with all other leftist outlets.
It was a promise — or perhaps it was a threat. Either way, the filing encapsulated the treacherous situation that Twitter now finds itself in.
Mr. Musk, 50, Twitter’s largest shareholder and one of its highest-profile users, could very well use the social media platform against itself and even buy enough shares to take over the company, the Newyork reports.