Kaya 959 Reporter
Twitter CEO Parag Agrawal has said that Elon Musk, the company’s majority shareholder, will not be joining the board of directors.
Musk was named to the Twitter board of directors after purchasing a significant investment in the company and becoming its largest stakeholder.
Musk spent $2.9 billion dollars on buying a 9.2 per cent stake in Twitter.
According to Agrawal, he and the company’s board of directors met with Elon Musk several times about joining the board, but the billionaire declined.
NEWS: Twitter CEO says @elonmusk no longer joining their board. https://t.co/Hxnvubt1ob
— Sawyer Merritt 📈🚀 (@SawyerMerritt) April 11, 2022
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“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 that 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.” read the statement.
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