Elon Musk isn’t becoming a member of Twitter’s board in any case, the corporate’s CEO introduced on Sunday.
The shock information comes just some days after it was revealed Musk had acquired a 9.2% stake in Twitter and been supplied a seat on the corporate’s board.
However in a tweet posted on Sunday night, Twitter CEO Parag Agrawal defined that on Saturday — the day Musk’s appointment to the board was to grow to be formally efficient — Musk informed the corporate that he wouldn’t be taking his seat.
“I imagine that is for the most effective,” Agrawal mentioned in his publish.
The Twitter CEO’s replace got here on the finish of a weekend that noticed Musk busily firing off tweets detailing numerous modifications he’d wish to see at Twitter, from the intense to the daft.
Musk is but to make any public touch upon his choice to reject Twitter’s invitation to hitch its board.
Beneath is the total assertion posted by Agrawal on Sunday:
“Elon Musk has determined to not be part of our board. Right here’s what I can share about what occurred.
The Board and I had many discussions about Elon becoming a member of the board, and with Elon immediately. We have been excited to collaborate and clear concerning the dangers. We additionally believed that having Elon as a fiduciary of the corporate the place he, like all board members, has to behave in the most effective pursuits of the corporate and all our shareholders, was the most effective path ahead. The board supplied him a seat.
We introduced on Tuesday that Elon could be appointed to the Board contingent on a background verify and formal acceptance. Elon’s appointment to the board was to grow to be formally efficient 4/9, however Elon shared that very same morning that he’ll not be becoming a member of the board. I imagine that is for the most effective. Now we have and can at all times worth enter from our shareholders whether or not they’re on our Board or not. Elon is our greatest shareholder and we are going to stay open to his enter.
There will likely be distractions forward, however our objectives and priorities stay unchanged. The choices we make and the way we execute is in our arms, nobody else’s. Let’s tune out the noise, and keep centered on the work and what we’re constructing.”
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