Reportedly, Elon Musk no longer feels that he should be joining the board of Twitter, since upon joining he will no longer be able to raise the stakes more than 14.9% as a board membership prohibits him from doing exactly that.
In a late Sunday tweet, Twitter CEO Parag Agrawal declared his shift in attitude. Agrawal made no attempt to justify the choice of Elon Musk but stated that he feels it is the proper choice.
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
This shift came only 5 days after it was announced by Agrawal that Elon Musk would become a member of the board of Twitter after the Tesla CEO had acquired 9.2% ownership of the social media behemoth.
Agrawal said, “we were excited to collaborate and clear about the risks.” He went on to say that “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.”
While April 9 was supposed to be a “background check and formal acceptance” of Elon Musk in the Board, he told the board of his decision on Sunday.
Musk is Twitter’s largest shareholder, and Agrawal stated that the firm will stay receptive to Musk’s views.