Back in March, Elon Musk purchased approximately 73 million shares of Twitter stock. However, filings did not go public until early this month. The $2.4 billion investment made Musk the social media platform’s largest outside shareholder. Not long after the world learned that the Tesla CEO had made the massive investment, news broke that he would join Twitter’s board of directors. He was set to formally take his position on the board on Saturday, April 9th. However, in a last-minute decision, Elon decided against joining the board.
At a Glance
- Elon Musk was set to join the Twitter board of directors
- In a last-minute decision, Elon Musk decided not to join the board
- Twitter will still take input from the Tesla CEO
- Musk has been tight-lipped about his decision
Elon Musk Decides Against Joining Twitter Board of Directors
From the outside looking in, it seemed that Elon Musk was going to become a member of Twitter’s board of directors. His followers were excited and hoped the billionaire would make some changes to the platform. At the same time, Twitter CEO Parag Agrawal and former bird app top brass Jack Dorsey endorsed Musk’s appointment to the board. They were ready to make it official on Saturday, April 9th.
That morning, Elon Musk announced that he would no longer be joining the board of directors at Twitter. Currently, the billionaire has not publicly discussed the decision. However, Agrawal sent a memo to Twitter staff about the new development and shared it publicly on Twitter late Sunday night.
Twitter CEO on Musk’s Decision
In the tweet, Agrawal stated that Elon Musk decided not to join Twitter’s board. He added that he sent a “brief note” to those within the company and shared a screengrab of that note. Agrawal opened his note by breaking the news and added “Here’s what I can share about what happened.”
The Twitter CEO revealed that he, the board of directors, and Elon Musk had discussed adding the billionaire to the board. He went on to say that the company was excited about collaborating with Musk and was “clear about the risks” that could pose. Additionally, he said revealed why they offered the Tesla CEO a seat on the board. “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 our best path forward.”
Agrawal then said that Elon Musk made the decision not to join the Twitter board of directors the morning his appointment was to become official. “I believe this is for the best,” Agrawal wrote. However, this does not mean that Musk won’t have some say in what happens with the platform in the future. “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.”
Musk has yet to publicly discuss why he chose not to join the board. However, an article from The Hollywood Reporter states that Elon tweeted a giggling emoji on Sunday. That tweet has since been deleted.