Elon Musk will not join Twitter's board of directors: Parag Agrawal
Washington, April 11: Microblogging site Twitter announced on Monday that Tesla CEO Elon Musk will not be joining the company's board of directors.
Making the announcement, Twitter CEO Parag Agrawal said that "Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here."
As per the note shared by Agrawal, Musk who was to officially join Twitter's board on April 9 shared the same morning that he will no longer be joining the board.
"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," the note stated.
The note further read "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 that same morning that he will no longer be joining the board. I believe this is for the best."
Also Read | Petrol, diesel prices remain unchanged for fifth day in a row; check rates
It added that Twitter will still remain open to the inputs from the Tesla CEO, who is also a shareholder of the social media platform.
"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," it read.
Musk announced earlier this week that he had acquired a 9% stake in the social media platform.
Following this, Twitter said in a regulatory filing on Tuesday that the Tesla and SpaceX CEO will be appointed to its board of directors for a period ending in 2024. According to CNN, Musk has agreed not to acquire more than 14.9 percent of the company's stock.
Also Read | Clash between JNU student groups over non-veg food on Ram Navami, several injured
-PTC News
