Billionaire Elon Musk has decided that he will not be joining the Twitter board. This confirmation was given by Twitter CEO Parag Agrawal.
Billionaire Elon Musk has decided that he will not be joining the Twitter board. This confirmation was given by Twitter CEO Parag Agrawal.
In a statement, Agrawal informed that he and the company's board had many discussions with Elon over joining the board.
'We were excited to collaborate and clear about the risks. We also believed that 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. The board offered him a seat,' Agrawal said.
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)In the brief note that the Twitter CEO sent to the company, he noted that being the company's biggest shareholder, Elon's inputs shall be considered.
He said, '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 from April 9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best.'
On Sunday, Elon carried out a poll on Twitter where he asked users whether the company's headquarters in San Francisco should be converted into a homeless shelter.
Poking fun at Twitter, Elon said he was conducting the poll since "no one shows up anyway". Over 91 per cent of users voted in favour of turning Twitter HQ into a homeless shelter.
To note, Elon purchased a huge 9.2 per cent stake in Twitter Inc. on April 4, making him the largest outside shareholder in the company. The development came weeks after the billionaire criticised Twitter for compromising on free speech. The billionaire had even flaunted the idea of launching his own social media.
Elon has been a strong supporter of fundamental rights and free speech. This was evident from his refusal to prohibit Russian media outlets on the Starlink satellite system, citing freedom of expression as a reason.