Twitter CEO Parag Agrawal has revealed, Tesla CEO Elon Musk will not be joining Twitter's board of directors as previously announced, however Musk will still remain Twitter’s largest shareholder.
Elon Musk opts out of joining Twitter board
Musk is still the majority shareholder of the company
"Elon has decided not to join our board. Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board. I believe this is for the best," Agrawal tweeted.
The news comes only hours after Musk suggested possible changes to Twitter, including making the site ad-free. Nearly 90% of Twitter's 2021 revenue came from ads.
Currently the world's richest man and with more than 80 million followers on the microblogging platform, Musk last week disclosed a purchase of 73.5 million shares – or 9.2 percent – of Twitter's common stock.
In an apparent reaction to the news, Musk tweeted a smirking emoji, without any other comment. Musk and Twitter executives had been expected to host a town-hall for employees this week, though it’s uncertain if that will proceed.
Some of the changes the Tesla and Space X billionaire had proposed included turning Twitter’s San Francisco headquarters into a homeless shelter and adding an edit button for tweets, to granting automatic verification marks to premium users.
Several business analyst tweeted that Musk may be staying off the board to avoid potential conflicts of interest in future – were he to consider increasing his stake of Twitter or acquiring it outright.
“Let’s tune out the noise, and stay focused on the work and what we’re building,” Agrawal said in his Sunday memo to employees.
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