Tesla and SpaceX CEO Elon Musk has declined to affix the board of Twitter after changing into the social media firm’s largest shareholder earlier this month.
“Elon Musk has determined to not be part of our board,” Twitter CEO Parag Agrawal stated in a press release Sunday.
He was appointed to the board on Tuesday. This was “contingent on a background verify and formal acceptance,” Agrawal’s assertion stated.
His appointment was to turn out to be efficient on Saturday, the assertion stated, nevertheless, Musk “shared that very same morning he’ll now not be becoming a member of the board.”
“I consider that is for one of the best,” Agrawal wrote. “We have now and can at all times worth enter from our shareholders whether or not they’re on our Board or not.”
Twitter will stay open to Musk’s enter, Agrawal added.
Musk purchased a 9.2% stake in Twitter Inc. earlier this month. Since doing so, he has posted a sequence of solutions for the positioning, posing questions on new options and areas of concern.
On Monday, he polled customers on whether or not they wished an edit button. The next day, the corporate introduced it was testing the function. And in a sequence of tweets late Saturday, he stated customers of the corporate’s Twitter Blue premium subscription service, which prices $2.99 a month, ought to obtain an authentication verify mark.
That function is usually reserved for accounts of public curiosity which have been verified as genuine.
The billionaire is an outspoken Twitter consumer, typically stirring controversy and even market actions along with his posts on the positioning. In 2018, he tweeted about taking Tesla non-public at $420 a share when funding was not secured, driving up the corporate’s inventory value and finally resulting in a $40 million SEC settlement and mandate that his future tweets be pre-approved. He’s nonetheless tied up in litigation over that matter.
