Popular social media and micro-blogging platform, Twitter, says Elon Musk has turned down offer to be part of the company’s board.
Parag Agrawal, the chief executive officer (CEO) of twitter disclosed this Monday.
Agrawal said the refusal of the billionaire founder of Tesla to be on the company’s board came after an initial announcement by the company that he would be coming on as a board member.
He said Musk’s membership of the board was meant to take effect on Saturday, March 9.
“Elon Musk has decided not to join our board. Here’s what I can share about what happened,” he wrote in a note shared on his Twitter page.
He said, as it’s with the Twitter’s policy to seek input of shareholders whether on board or not, Elon must contribution to isssues will still be of value to the company.
“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.
“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 the same morning that he will no longer be joining the board.
“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.”
In the note, which Agrawal said was originally shared with the company, he warned staff that there will be “distractions ahead but our goals and priorities remain unchanged”.
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
The decisions we make and how we execute are in our hands, no one else’s. Let’s tune out the noise, and stay focused on the work and what we’re building,” he added.
With a 9.2 percent stake, Musk is the top shareholder of the microblogging site.