Elon Musk Makes a U-Turn on His Decision to Join Twitter Board
Elon Musk has had an eventful week with Twitter. First, news broke out that the Tesla founder invested in the company and bought a 9.2% stake, which was larger than anyone else. Second, after posting a few polls and posts on Twitter following the major investment, the CEO of Twitter, Parag Agrawal, announced that Elon was being brought to the board of Twitter.
Now in the latest turn of events, Parag Agrawal has announced that Elon will no longer become a part of the board on Twitter. He also mentioned that the board and himself were looking forward to Elon becoming a fiduciary and acting in the best efforts of the company, but the morning that his appointment was to come into action, Elon decided to back out. Check out the statement by Parag Agrawal about Elon backing out from the board of Twitter below:
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
Many feel that this decision has been made due to the one of the policies that does not allow the board members to own more than an 14.9% stake in the company. Many have also been stating that this decision might be made so that the Tesla CEO could try an activist takeover in the future. Figuring what Elon wants to do with such a large stake in the company is not an easy task, people will just have to wait and see what Elon announced in the coming days or weeks.