Musk was supposed to join the board on Saturday, however, Twitter chief executive Parag Agrawal revealed in a tweet:
“Elon shared that same morning that he will no longer be joining the board.”
Although Musk will not be joining the board, Agrawal added that the firm will continue to be open to his input.
Musk took to his own personal Twitter over the weekend to ask his 81 million followers whether Twitter is “dying” and he then put a poll up asking if the letter “W” should be removed from the word Twitter with two options being “yes” and “of course”.
Agrawal revealed that despite this, Musk was offered a seat on the board as they felt it was the “best path forward” and “in the best interests of the company and all our shareholders”.
When addressing the news that Musk decided to decline his position on the board, Agrawal said:
“I believe this is for the best.
“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.”
“There will be distractions ahead but our goals and priorities remain unchanged. Let’s tune out the noise.”
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
Being a board member would come with strict rules about what can be said publicly so it has been speculated that this could be what has made Musk’s mind up about the proposition, with many saying there has clearly been more going on behind the scenes.
On the face of it, Parag Agrawal and former Twitter boss Jack Dorsey seemed quite happy with Musk’s appointment. However, according to company insiders, many Twitter employees have not been too impressed with concerns about what impact he would have on the company’s ability to moderate content.
With Musk’s wealth he could easily afford to buy Twitter outright. The share that he bought was in exchange for a board seat and if he wanted that seat he could not buy more than a 14.9% share in the company. Now that he has rejected the offer of the board seat, this leaves everything open and the potential for him to purchase a larger stake in the company.
Agrawal indicated in his statement that Musk was offered the board position and would have to follow the board members rules. This has led many to believe that maybe they were wanting to get Musk on the inside where he would probably do less damage.
With this unpredictable move to not take the board seat, no one can really tell where Musk is going to go next with this.