In a dramatic turn of events, Tesla CEO Elon Musk has decided not to join Twitter’s Board of Directors. “Elon Musk has decided not to join our board. I sent a brief note to the company, sharing with you all here,” tweeted Twitter CEO Parag Agrawal on Monday.
Why Musk has decided not to join Twitter’s board despite owning 9.2% stock remains a mystery as of now.
Twitter CEO Parag Agrwal’s note
In the note, Agrawal shared a detailed account of the development over the past week and discussions he had with Elon Musk as well as Twitter’s Board of Directors.
“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 interest of the company and all our shareholders, was the best path forward. The board offered him a seat,” Agrawal said in a tweet.
Elon Musk not to join the board
However, it remains a mystery as of now, about what could have happened on the morning of April 9 that actually transpired Elon Musk to not join Twitter’s Board.
Twitter‘s board may have communicated to Musk, asking him to go a bit soft in his tweets about Twitter and not to be very critical, according to media speculations.
Probably, that could be one of the many conditions that board members have to strictly follow and adhere to as part of their appointments and overall policy in the company.
And given Musk’s outspoken nature and being an advocate of ‘Free Speech,’ he would have rejected such conditions as per the appointment and hence he didn’t join Twitter’s board.
And also, why Agrawal took two days to reveal Musk’s decision via a tweet needs some clarification as well.
“We announced on Tuesday that Elon would be appointed to the Borad contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effection 4/9, but Elong shared that same morning that he will be no longer be joining the board. I believe this is for the best,” Agrawal explained in his tweet.
“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,” Agrawal continued.
“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 are building,” Agrawal concluded in his tweet.
Musk’s next move
As the biggest shareholder in Twitter, what will be Musk’s next move is hard to predict as of now. But one can surely expect Musk to go harder at Twitter from now on. His tweets will be more sharp and critical, targetting Twitter. And that may trouble Twitter’s stock value and the company’s overall business.