Elon Musk decided not to join Twitter board, says CEO Parag Agrawal
Elon Musk was offered a seat on the Twitter board after he became the top stakeholder in the social media company.
Twitter's top stakeholder Elon Musk won't be joining the board, company's chief executive officer Parag Agrawal said on Monday. In a statement posted on Twitter, Agrawal said that the board offered him a seat after several discussions and believed that Musk as a fiduciary of the company was the best path forward.
He added that Musk's "appointment to the board was to become officially effective" on April 9 but the billionaire investor shared the "same morning that he will no longer be joining the board".
"I believe this is for the best. 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," the statement read.
"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're building," he added.
Verification mark, payment in Dogecoin: Musk musings on Twitter Blue subscribers
After Agrawal's announcement, Musk, in a cryptic reaction, tweeted a laughing emoji.
According to a CNN report, Musk, as part of the deal, had agreed not to acquire more than 14.9 per cent of the company's shares while he remained on the board.
Since Musk's disclosure of his 9.2 per cent stake in Twitter, his musings about the company have enthralled the social media. He posted a Twitter poll about the edit button requirement and turning the company's headquarters into a shelter for homeless people.
Amazon.com Inc. founder Jeff Bezos responded with a link to a report about a homeless shelter attached to an Amazon office building, noting that a portion of Twitter’s space could be converted. Musk called the suggestion a “great idea.”