Parag Agrawal, CEO of Twitter, has announced on Twitter that Elon Musk, the social media platform’s largest shareholder, has decided not to join the board.
Musk’s appointment was due to become effective on Saturday after revealing that he had bought a 9.2% stake in Twitter last week. However, as per the detailed statement on Twitter, Agrawal said, “Elon has decided not to join our board”.
He added that the firm would remain open to SpaceX and Tesla CEO’s input. Just over an hour following Agrawal’s announcement, Musk tweeted a single emoji which was later deleted.
Over the last week, Musk suggested changes to the Twitter Blue premium subscription service, such as cutting its price, banning advertising and offering the option to pay in the cryptocurrency dogecoin.
With more than 81 million followers, Musk, in a series of tweets asked if Twitter was “dying” and if its headquarters should be turned into a homeless shelter. He also created a poll asking whether the letter “w” should be removed from Twitter, with the only options being “yes” and “of course”.
Agarwal said Twitter offered Musk a seat on its board as the company believed it was “the best path forward”, with board members having to “act in the best interests of the company and all our shareholders”.
Addressing Musk’s decision, Agrawal said, “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.”
“There will be distractions ahead, but our goals and priorities remain unchanged. The decisions we make and how we execute is 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.
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