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Elon Musk will not join Twitter’s board of directors after all

Elon Musk will no longer join Twitter’s board of directors, Twitter CEO Parag Agrawal announced in a statement to the company. Agrawal confirmed last week that Musk will be appointed to the board after him Purchase of 9.2 percent of the company’s sharesbut now says Musk decided against taking the seat.

“We announced on Tuesday that Elon would be appointed to the board, pending a background check and formal acceptance,” Agrawal said writes. “Elon’s appointment to the board was scheduled to take place on 4/9. officially come into effect, but Elon announced the same morning that he will no longer be joining the board. I think that’s the best. We have and always will value the input of our shareholders, whether they are on our board of directors or not. Elon is our largest shareholder and we remain open to their contributions.”

Joining Twitter’s board of directors would have prevented Musk from owning more than 14.9 percent of the company. When Musk’s purchase became public, his stake in Twitter was worth $2.89 billion.

Ever since Musk’s stake in Twitter broke, the CEO of Tesla and SpaceX has been publicly tweeting his ideas for the company — though, as always with Musk, it’s hard to tell when he’s just trolling. He posted a poll on whether Twitter should have an edit button a day before the company confirmed it would actually add the long-awaited feature. More recently — on the same day he appeared to tell Twitter he wouldn’t be joining the board — he tweeted suggestions like including Verification tick with the paid service Twitter Blue, or convert Twitter headquarters in San Francisco to a homeless shelter “since nobody’s showing up anyway”.

Here is Agrawal’s full message:

Elon Musk has decided not to join our board. Here’s what I can share about what happened.

The board and I have had many discussions about Elon joining the board and directly with Elon. We were excited to work together and understand the risks. We also felt that having Elon as a trustee of the company where he, like all board members, must act in the best interests of the company and all of our shareholders is the best way forward. The board offered him a seat.

We announced on Tuesday that Elon would be appointed to the board, pending a background check and formal acceptance. Elon’s appointment to the board was to be officially announced on 4/9. take effect, the effective date was 4/9, but Elon announced on the same day that he would no longer be joining the board. I think that’s the best. We have and always will value the input of our shareholders, whether they are on our board of directors or not. Elon is our largest shareholder and we remain open to their contributions.

There will be distractions, but our goals and priorities remain the same. The decisions we make and how we execute them are in our hands, no one else’s. Let’s turn off the noise and focus on work and what we’re building.

https://www.theverge.com/2022/4/10/23019802/elon-musk-not-joining-twitter-board-announced Elon Musk will not join Twitter’s board of directors after all

Fry Electronics Team

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