Musk Turns Down Twitter Board Position
Elon Musk has turned down a position on Twitter’s board, after the company’s CEO Parag Agrawal announced his pending appointment last week.
The offer came as Musk bought 9.2 per cent of the social media giant, effectively making him the company’s shareholder.
“We announced on Tuesday that Elon would be appointed to the Board contingent on a background check and formal acceptance,” Agrawal writes.
“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.”
Musk’s reluctance to join the board is most likely due to the rule preventing board members from owning more than 14.9 per cent of the company, suggesting that he is planning on taking a much bigger slice of the Twitter pie.