Elon Musk will not join the Twitter board of members. Musk showed enthusiasm earlier this week about joining the Twitter board but for better or for worse, it didn’t materialize. Parag Agrawal, CEO of Twitter shared the news in a detailed image tweet, about Elon Musk not becoming a new board member. Elon Musk still holds the majority stake in Twitter which he bought last week.
Elon Musk Twitter board development this week
It all started with Elon Musk buying the largest (9.2%) stake in Twitter last week. That news came after a few tweets by Musk about different features of Twitter and some polls. After acquiring the stakes, Parag Agrawal showed an inclination towards having Elon as a board member.
Parag Agrawal tweeted, “Elon Musk has decided not to join our board. Here’s what I can share about what happened. 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.”
Apparently, Twitter requested Musk to become a board member on the condition that he would buy more than a 14.9 percent stake in the company. He added that Musk was so wealthy that he could buy Twitter without any issues. But he refused the offer to join the board. It makes him a free man to buy more stakes if he pleases.
Why did Musk back out?
Despite owning the largest stake, Elon Musk continued to be himself on Twitter. After refusing the offer to join the Twitter board, he didn’t share anything about the development. Rather he continued to share about the Tesla event and suggested quirky modifications for Twitter. One of them was adding an Edit button for tweets, a feature that is present in Twitter Blue(for 20 seconds only)
Elon Musk also conducted a few polls while mocking the features and operating methods of Twiter. He tweeted about the top Twitter accounts that held the mantle but weren’t even active on the platform. It is highly likely that these antics didn’t sit well with the Twitter board very much. Had Elon agreed to be a board member, he would have sacrificed his right to buy more than a 14.9 percent stake in Twitter.