Tesla CEO Elon Musk recently acquired over 9 percent stake in Twitter. This news caused quite a stir and soon after Twitter revealed that Musk would also join the company’s board of directors. Although, Twitter CEO Parag Agarwal has now announced that Musk will not be joining the company’s board.
In an email to Twitter employees, Agarwal said the company is “excited to collaborate and clarify about the risks” but Musk told the company he would not join the board. As Agarwal points out, Musk remains Twitter’s largest shareholder and the company “will be open to his input.” Here is Agarwal’s full email:
Elon Musk has decided not to join our board. I can tell here about what happened. There were many discussions between the board and me ELON Joining the board, and directly with Elon. We were excited to collaborate and clarify the risks. We also believed that keeping Elon as a subsidiary of the Company, where he, like all board members, has to act in the best interest of the Company and all of our shareholders, was the best way forward. The board offered him a seat.
We announced on Tuesday that Elon would be appointed to the board team upon background check and formal approval. Elon’s appointment to the board was to officially take effect from 4/9, but Elon shared the same morning that he would no longer be joining the board. I believe it is for the best. We always value the input of our shareholders, whether they are on our Board or not. Elon is our largest shareholder and we will be open to his input.
There will be distractions ahead, but our goals and priorities will remain unchanged. The decisions we take and the way we execute are in our hands, not anyone else’s. Let’s reduce the noise, and focus on the work and what we’re making.
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