Twitter CEO Parag Agrawal stated Sunday night time (April 10) that Elon Musk has determined to not be a part of the social media platform’s board of administrators.
Musk had knowledgeable the Twitter board on April 9 — the date his board appointment was supposed to enter impact — that he would “not be becoming a member of the board,” Agrawal stated in a message to staff, which he shared publicly on Twitter. “I imagine that is for one of the best. Now we have and can all the time worth enter from our shareholders whether or not they’re on our Board or not,” Agrawal continued in his be aware. “Elon is our largest shareholder and we’ll stay open to his output.”
A Twitter spokesperson declined to remark additional on Musk’s cause for not becoming a member of the board.
Afterward Sunday, Musk cryptically tweeted the laughing emoji, however has but to touch upon the information that he’s not now becoming a member of Twitter’s board.
The information of Musk’s board appointment got here final week, sooner or later after it was disclosed that the Tesla and SpaceX government had bought a greater than 9 p.c stake in Twitter for about $2.9 billion, making the billionaire the most important exterior shareholder within the social media platform.
In a securities submitting on April 5, Twitter stated that Musk could be named to the board as “promptly as practicable,” with a time period set to run out on the 2024 annual assembly. The appointment additionally got here with the caveat that Musk wouldn’t purchase greater than 14.9 p.c of Twitter’s inventory.
On the time, Musk had obtained public help from Agrawal and outgoing board member Jack Dorsey, who each praised Musk and welcomed his enter on Twitter’s board. However Wall Avenue analysts debated the type of impression Musk would have on the social platform, given his less-than-stellar fame with the SEC and his current feedback relating to “free speech” on the platform.
The Tesla CEO has not but publicly commented on his choice to not be a part of Twitter. As of Sunday night time, forward of Agrawal’s announcement, the billionaire was nonetheless tweeting about enhancements he needed to see on the social platform.
Agrawal’s be aware to workers could be learn in full beneath.
Workforce,
Elon Musk has determined to not be a part of our board. Right here’s what I can share about what occurred.
The Board and I had many discussions about Elon becoming a member of the board, and with Elon instantly. We had been excited to collaborate and clear in regards to the dangers. We additionally believed that having Elon as a fiduciary of the corporate the place he, like all board members, has to behave in one of the best pursuits of the corporate and all our shareholders, was one of the best path ahead. The board supplied him a seat.
We introduced on Tuesday that Elon could be appointed to the Board contingent on a background verify and formal acceptance. Elon’s appointment to the board was to develop into formally efficient 4/9, however Elon shared that very same morning that he’ll not be becoming a member of the board. I imagine that is for one of the best. Now we have and can all the time worth enter from our shareholders whether or not they’re on our Board or not. Elon is our largest shareholder and we’ll stay open to his enter.
There can be distractions forward, however our objectives and priorities stay unchanged. The selections we make and the way we execute is in our fingers, nobody else’s. Let’s tune out the noise, and keep centered on the work and what we’re constructing.
This text initially appeared in THR.com.
