Elon Musk took a stake in Twitter after his criticism and sharing of establishing a new social media platform. Twitter gained 25% after Tesla founder and CEO Elon Musk bought a stake. The businessman became Twitter’s largest shareholder with a 9.2% stake, valued at 73.5 million.
The allegations that Elon Musk would enter the board of directors after buying shares from the social media platform fell like a bomb on the agenda. But the new shareholder will not join the board, according to a post this morning by the Twitter CEO. After this announcement, there was a rapid movement in the markets for Twitter. Let’s take a look at the details of the news together.
Twitter shares down 5%!
Shares fell 5% after Twitter CEO Parag Agrawall announced that he did not accept Elon Musk’s management offer. Had Elon Musk accepted the offer to join the board, he would not have held more than 14.9% of the shares, either individually or as a group, as long as he served on the board and for 90 days after leaving.
It is curiously followed how the relationship between Twitter and Elon Musk, which has been on the agenda for a long time, will continue. In addition, after the shares of the social media platform depreciated by five percent, it is among the eagerly awaited whether Elon Musk will take a step.
Twitter CEO Parag Agrawall made the following comments in the statement:
Elon’s appointment to the board was to go into effect on April 9, but he announced that he would not be joining the board that same morning. I believe this is the best. We have always valued and will always value what our shareholders have to say, whether they are on our board of directors or not. Elon is our largest shareholder and his contributions are always welcome.
What do you, our readers, think about this issue? Do you think Elon Musk will do anything after Twitter’s depreciation? You can express your thoughts in the comments section or on the SDN Forum.
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