Elon Musk changes mind, decides not to be on Twitter’s board of directors

Technocrat Media, Global

Chief Executive Officer of Twitter, Parag Agrawal says Elon Musk has decided not to join the board of directors of the company.

TECHNOCRAT MEDIA has reported how Agrawal announced that the billionaire founder of Tesla would be coming on as a board member after becoming the top shareholder of Twitter on acquiring 9.2 stakes.

According to him, Mr Musk’s membership of the board was meant to take effect on Saturday, March 9.

“Elon Musk has decided not to join our board. Here’s what I can share about what happened,” Mr Agrawal wrote in a note he tweeted.

“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 interests of the company and all our shareholders, was the best path forward. The board offered him a seat.

“We announced on Tuesday that Elon would be appointed to the board contingent on a background check and formal acceptance. Elon’s appointment to the board was to become officially effective 4/9, but Elon 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.”

In the note, Twitter CEO said was originally shared with the company, he warned staff that there will be “distractions ahead but our goals and priorities remain unchanged”.

“The decisions we make and how we execute are 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.