Tesla CEO Elon Musk recently acquired more than 9 per cent stake in Twitter. The news created quite a stir and soon after that Twitter revealed that Musk would also be joining the company’s board of directors. However, Twitter CEO Parag Agrawal has now announced that Musk will not be joining the company’s board.
In an email to Twitter employees, Agrawal said that the company is “excited to collaborate and clear about the risks” but Musk told the company that he will not be joining the board. As Agrawal points out, Musk remains Twitter’s biggest shareholder and the company will “remain open to his input.” Here’s Agrawal’s full email:
Team,
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.
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