Tesla CEO Elon Musk was announced to join the board of directors after a document revealed that the tech entrepreneur owns a 9.2% stake in the $37 billion company. But, according to the statement made by Twitter CEO today, Musk seems to have given up on participating.
Twitter CEO Parag Agrawal said in a tweet:
“Elon’s appointment to the board was to go into effect on September 9, but Elon is now on the board. He shared that he would not attend. We thought it was best to have Elon on the board. We were excited to collaborate and clarify the risks. We also believed that Elon was the best choice as a trustee of a company that, like all board members, must act in the best interests of the company and all of our shareholders. We have always valued and will value input from our shareholders, whether they are on the board of directors or not.”
Large shareholders like Musk are often offered a seat on the board of directors with voting rights on how the company is controlled and how business is run.
As is known, Musk is a staunch supporter of cryptocurrencies and frequently uses Twitter to publicly express his views on cryptocurrencies. The announcement that Musk would join the Twitter board also caused excitement in the cryptocurrency community.
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
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