- Twitter CEO Parag Agrawal agrees with Musk’s decision.
- says, “Elon is our biggest shareholder, and we will keep listening to what he has to say.”
- Musk would not have been able to own more than 14.9 percent of Twitter’s common stock if he had been on the Twitter Board
Elon Musk, Twitter Inc’s (TWTR.N) largest shareholder, has opted not to join the company’s board of directors, Chief Executive Parag Agrawal said late Sunday.
Musk, who describes himself as a free-speech absolutist and has been critical of Twitter, announced a 9.1 percent stake in the social media network on April 4 and stated his intention to make significant changes.
A vote on Saturday would have made him a board member and would have kept him from owning more than 14.9% of common shares beneficially.
However, “Elon revealed that same morning that he would be resigning from the board,” Agrawal said on Twitter.
“This, I suppose, is for the best. We have always valued shareholder feedback, regardless of whether they are on our Board of Directors. As Agrawal said, “Elon Musk is our largest shareholder, and we will always be receptive to his advice.”
Musk’s answer on Twitter was restricted to a face with a hand over the mouth emoji. Tesla did not immediately reply to a request for comment from Musk through email.
According to company sources, following Musk’s appointment to the board, several Twitter workers expressed concern about the social media platform’s capacity to police material.
Before purchasing a share, Musk conducted a Twitter survey, asking users whether they felt Twitter adhered to the ideal of free expression.
A day after becoming the social media platform’s top shareholder, he released another poll asking users whether they wanted an edit button, a long-awaited feature that the company has been working on. Continue reading
The CEO of Tesla also asked people if Twitter’s headquarters should be turned into a shelter for the homeless, which is a plan that Amazon.com founder Jeff Bezos likes a lot, as well.
It was on Saturday that he came up with changes to Twitter Blue’s premium service, including a price cut, the removal of advertising, and the addition of a dogecoin payment option.
Twitter shares, which jumped 27% on April 4 after Musk declared his ownership, have fallen 7.5 percent through Friday’s closing.
“There will be diversions ahead, but our aims and priorities will stay the same,” Agrawal wrote on Sunday. “Let us shut out the noise and remain focused on the task at hand and the product we’re creating.
