Elon Musk, one of the most recent investors and the largest shareholder of Twitter has refused to join the Board for undisclosed reasons; the CEO of Twitter has shared a few details on the matter.
Along with Elon Musk not joining the Twitter Board, an AMA meeting with the employees has also been cancelled, according to reports. Elon has bought a 9.2% stake in Twitter with a deal closed at an estimate of 3 Bn USD. He is now among a few of the largest shareholders of Twitter such as Vanguard Group, BlackRock Fund, and more, and owns almost four times the share held by Jack Dorsey (2.25%), previously the CEO of Twitter.
Parag Agrawal, CEO, Twitter, shared a brief note on the incident mentioning a few disclosable details on the matter. It was first announced that Elon would be appointed to the Board contingent on a background check and formal acceptance, and the appointment would be officially effective by 9th April 2022. But Elon stated he will not be joining the Board.
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The reason the Board offered him a seat was so Elon like all other Board members would act in the best interest of the company and all shareholders. Agrawal shares that the company will remain open to his input, as he is the biggest shareholder of the company.
Elon has had significant plans for Twitter and is also publicly raising several concerns. His investment had been seemingly initiated with a poll questioning freedom of speech on Twitter, he then asked users if Twitter should get the most wanted feature – the Edit button; recently he shared statistics that the Top Accounts on Twitter with the most following are one of the most inactive accounts who rarely Tweet.
Meanwhile, the biggest shareholder of the company is also sharing a few “lit” memes.
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Source: Social Samosa
